<SEC-DOCUMENT>0001171843-21-005650.txt : 20210806
<SEC-HEADER>0001171843-21-005650.hdr.sgml : 20210806
<ACCEPTANCE-DATETIME>20210806163018
ACCESSION NUMBER:		0001171843-21-005650
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210630
FILED AS OF DATE:		20210806
DATE AS OF CHANGE:		20210806

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:		211153325

	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_080621.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM 6-K</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of: August 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission file number 001-36898</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -4.5pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&#8217;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>M5S 2B4</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%">Form 20-F [ ]</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: left">Form 40-F [X]</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%">Yes [ ]</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: left">No [X]</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &#8220;Yes&#8221; is marked, indicate the file number assigned to
the Registrant in connection with Rule 12g3-2(b): N/A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 49%; font-weight: bold; text-align: left">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Date: August 6, 2021</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left"><U>/s/ Christian Mayer</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Christian Mayer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Financial Officer</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD><B>&nbsp;</B></TD><TD><B>Exhibit</B></TD><TD STYLE="text-align: justify"><B>Description of Exhibit</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_991.htm">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="exh_991.htm">Interim consolidated financial statements and management&#8217;s discussion &amp; analysis for the three
month and six month periods ended June 30, 2021.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



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

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

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>&nbsp;</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #4A4A4D"><FONT STYLE="font-size: 14pt"><B>COLLIERS
INTERNATIONAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #4A4A4D"><FONT STYLE="font-size: 14pt"><B>GROUP
INC.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #4A4A4D"><FONT STYLE="font-size: 14pt"><B>INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #4A4A4D"><FONT STYLE="font-size: 14pt"><B>Second
Quarter</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #4A4A4D"><FONT STYLE="font-size: 14pt"><B>June
30, 2021</B></FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>2</b><!-- Field: /Sequence --> of <B>22</B></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #4A4A4D"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #25408F">CONSOLIDATED STATEMENTS OF EARNINGS (LOSSES)</FONT></P>

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

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




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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Six months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">ended June 30</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">ended June 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; 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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Revenues (note 19)</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">945,994</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">550,206</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">1,720,908</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,180,834</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Cost of revenues (exclusive of depreciation and</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amortization shown below)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">576,652</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">355,347</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,044,382</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">771,705</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">231,922</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">150,612</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">442,526</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">318,704</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Depreciation</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">11,041</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">8,851</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">21,480</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">17,729</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Amortization of intangible assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">23,533</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">17,089</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">50,871</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">33,101</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition-related items (note 5)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">16,695</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,784</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">35,542</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,534</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Settlement of long-term incentive arrangement ("LTIA") (note 15)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(385,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">14,523</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(345,821</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">33,061</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">7,916</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,179</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">16,200</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">13,763</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Equity earnings from unconsolidated investments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(1,732</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(414</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,138</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(969</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other (income) loss, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(232</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">148</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(808</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Earnings (loss) before income tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(391,729</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">8,610</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(358,075</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">20,268</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Income tax expense (note 16)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">20,872</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,127</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">29,719</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">7,326</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,483</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(387,794</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">12,942</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">11,745</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,265</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">19,525</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">7,642</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interest redemption increment (note 12)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">31,771</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">12,530</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">44,311</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">11,025</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net loss attributable to Company</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(456,117</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(10,312</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(451,630</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(5,725</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">Net loss per common share (note 13)</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D">Basic</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(10.53</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(0.26</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(10.80</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(0.14</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Diluted</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(10.53</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(0.26</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(10.80</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(0.14</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  </TABLE>


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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #25408F">CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Six months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">ended June 30</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">ended June 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; 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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; background-color: #F3F3F3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,483</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(387,794</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">12,942</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Foreign currency translation gain (loss)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(1,686</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,561</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(10,528</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Unrealized gain (loss) on interest rate swaps, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">901</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">129</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,830</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(4,096</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Comprehensive earnings (loss)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(413,386</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">12,473</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(389,525</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,682</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Less: Comprehensive earnings attributable to non-</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">controlling interests</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">41,701</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">14,490</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">64,183</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">21,295</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Comprehensive loss attributable to Company</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(455,087</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(2,017</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(453,708</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(22,977</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  </TABLE>


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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">June 30, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F3F3F3">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold">Assets</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Current assets</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">147,515</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">156,614</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Restricted cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">30,052</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">20,919</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Accounts receivable, net of allowance of $21,154 (December 31, 2020 - $25,632) (note 10)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">384,097</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">372,149</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contract assets (note 19)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">72,120</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">61,101</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Warehouse receivables (note 17)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">62,838</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">232,207</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Income tax recoverable</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">12,331</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">15,041</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepaid expenses and other current assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">192,963</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">177,780</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">901,916</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,035,811</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other receivables</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">15,253</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">14,989</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contract assets (note 19)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,219</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,335</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">79,054</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">74,355</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Fixed assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">139,598</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">129,221</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating lease right-of-use assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">319,768</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">288,134</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Deferred tax assets, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">55,167</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">45,008</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Intangible assets (note 6)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">579,990</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">610,330</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Goodwill</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,083,947</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,088,984</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,278,996</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,256,356</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">3,180,912</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,292,167</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Liabilities and shareholders' equity</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Current liabilities</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Accounts payable and accrued expenses</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">288,540</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">297,766</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Accrued compensation</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">447,853</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">450,894</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Income tax payable</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">19,721</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">26,783</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contract liabilities (note 19)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">24,747</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">21,076</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Long-term debt - current (note 7)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,142</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">9,024</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration - current (note 17)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">86,868</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,802</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Warehouse credit facilities (note 9)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">55,566</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">218,018</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Operating lease liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">81,144</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">78,923</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,006,581</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,108,286</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Long-term debt - non-current (note 7)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">537,956</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">470,871</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration (note 17)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">53,428</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">109,841</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating lease liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">298,668</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">251,680</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">50,230</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">48,525</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Deferred tax liabilities, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">38,729</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">50,523</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible notes (note 8)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">224,578</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">223,957</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,203,589</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,155,397</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Redeemable non-controlling interests (note 12)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">448,271</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">442,375</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Shareholders' equity</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Common shares</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">846,976</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">457,993</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contributed surplus</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">69,634</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">66,971</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Retained earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(334,408</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">119,421</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Accumulated other comprehensive loss</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(64,057</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(61,979</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Total Company shareholders' equity</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">518,145</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">582,406</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interests</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,326</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,703</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total shareholders' equity</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">522,471</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">586,109</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">3,180,912</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,292,167</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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="color: #4A4A4D; text-align: left">Commitments and subsequent events (note 18 and note 21)</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><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>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">other</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Retained</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">earnings</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">loss</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">interests</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">equity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2020</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">40,189,436</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">457,993</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">66,971</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">119,421</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(61,979</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">3,703</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">586,109</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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><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="color: #4A4A4D; text-align: left">Net loss</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(387,794</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(387,794</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3,561</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3,561</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Unrealized gain on interest rate</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><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><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><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><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><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><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="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;swaps, net of tax</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,830</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,830</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other comprehensive earnings</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><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><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><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><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><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><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="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attributable to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(347</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(127</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(474</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">NCI share of earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(19,525</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,337</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(18,188</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(44,311</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(44,311</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(552</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(552</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(35</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(35</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Subordinate Voting Shares:</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><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><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><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><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><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><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="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock option expense</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,522</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,522</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock options exercised</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">221,700</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,241</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(2,859</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">10,382</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Settlement of LTIA (note 15)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,572,858</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">375,742</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">375,742</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Dividends</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,199</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,199</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, June 30, 2021</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">43,983,994</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">846,976</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">69,634</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(334,408</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(64,057</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,326</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">522,471</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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><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>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended June 30, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">other</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Retained</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">earnings</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">loss</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">interests</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">equity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31, 2021</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">40,358,636</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">468,145</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">67,689</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">123,908</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(65,087</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">4,090</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">598,745</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net loss</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(1,686</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(1,686</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Unrealized gain on interest rate</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><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><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><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><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><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><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="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;swaps, net of tax</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">901</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">901</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other comprehensive earnings</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><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><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><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><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><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><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="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attributable to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,815</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">10</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,825</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">NCI share of earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(11,745</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">475</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(11,270</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(31,771</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(31,771</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(241</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(241</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(8</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(8</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Subordinate Voting Shares:</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><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><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><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><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><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><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="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock option expense</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,597</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,597</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock options exercised</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">52,500</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,089</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(652</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,437</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Settlement of LTIA (note 15)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,572,858</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">375,742</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">375,742</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Dividends</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,199</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,199</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, June 30, 2021</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">43,983,994</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">846,976</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">69,634</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(334,408</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(64,057</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,326</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">522,471</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD COLSPAN="29" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">other</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Retained</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">earnings</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">loss</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">interests</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">equity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 30%; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2019</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">39,845,211</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">442,153</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">60,706</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">77,181</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(67,164</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">4,423</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">517,299</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Cumulative effect adjustment:</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><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><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><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><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><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><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; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Current expected credit</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><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><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><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><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><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><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; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;losses, net of tax</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(2,824</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(2,824</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">12,942</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">12,942</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(10,528</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(10,528</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Unrealized loss on interest rate</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><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><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><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><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><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><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; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;swaps, net of tax</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(4,096</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(4,096</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Other comprehensive earnings</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><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><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><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><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><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><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; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attributable to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(2,628</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(507</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3,135</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D">NCI share of earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(7,642</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">673</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(6,969</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(11,025</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(11,025</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(837</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(837</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(52</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(52</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Subsidiaries&rsquo; equity transactions</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D">Subordinate Voting Shares:</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><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><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><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><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><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><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; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock option expense</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">4,224</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">4,224</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock options exercised</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">153,600</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">7,636</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(1,630</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,006</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Dividends</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, June 30, 2020</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">39,998,811</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">449,789</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">63,305</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">66,632</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(84,416</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">3,700</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">499,010</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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><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>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD COLSPAN="29" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended June 30, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">other</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Retained</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">earnings</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">loss</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">interests</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">equity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 30%; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, March 31, 2020</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">39,901,561</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">444,958</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">62,092</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">78,943</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(92,711</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">3,123</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">496,405</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,484</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,484</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Foreign currency translation gain</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Unrealized gain on interest rate</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><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><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><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><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><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><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; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;swaps, net of tax</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">129</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">129</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Other comprehensive earnings</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><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><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><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><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><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><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; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attributable to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,305</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">64</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,369</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D">NCI share of earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(4,265</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">516</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3,749</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(12,530</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(12,530</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Subsidiaries&rsquo; equity transactions</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">338</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">338</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D">Subordinate Voting Shares:</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><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><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><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><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><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><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; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock option expense</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,971</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,971</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock options exercised</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">97,250</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">4,831</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(1,096</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,735</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Dividends</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, June 30, 2020</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">39,998,811</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">449,789</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">63,305</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">66,632</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(84,416</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">3,700</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">499,010</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="text-align: left; color: #4A4A4D; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these interim consolidated financial statements.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Six months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">ended June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">ended June 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; 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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; background-color: #F3F3F3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Cash provided by (used in)</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Operating activities</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,483</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(387,794</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">12,942</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Items not affecting cash:</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">34,574</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">25,940</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">72,351</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">50,830</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Settlement of long-term incentive arrangement (note 15)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">375,742</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">375,742</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Gains attributable to mortgage servicing rights</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(5,841</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(509</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(14,916</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(509</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Gains attributable to the fair value of mortgage</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;premiums and origination fees</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(10,705</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,810</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(22,283</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,810</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Deferred tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(13,073</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(6,839</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(22,504</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(13,997</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Earnings from equity method investments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(1,732</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(414</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,138</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(969</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Stock option expense (note 14)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,597</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,971</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">5,522</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,224</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Non-cash lease expense</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(567</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,272</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">17,491</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,654</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Allowance for credit losses</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">677</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,983</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">992</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">8,602</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Amortization of advisor loans</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">5,317</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,419</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">10,822</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">10,420</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Contingent consideration (note 5)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">12,658</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(2,471</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">29,036</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,469</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Other</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">444</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">403</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">560</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,141</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">(Increase) decrease in accounts receivable, prepaid expenses and other assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(55,446</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">16,018</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(79,233</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">75,855</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">(Increase) decrease in accounts payable, accrued expenses and other liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">14,331</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(5,495</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,779</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(34,254</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">(Increase) decrease in accrued compensation</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">82,799</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(17,855</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(1,677</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(181,261</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(2,997</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,354</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(10,472</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(15,684</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Proceeds from sale of mortgage loans</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">757,113</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">89,979</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,595,030</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">89,979</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Origination of mortgage loans</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(690,415</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(87,099</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(1,397,200</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(87,099</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Increase in warehouse credit facilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(50,371</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(263</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(162,452</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(263</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Sale proceeds (repurchases) from AR Facility, net (note 10)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">14,183</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,276</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">10,892</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(12,285</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by (used in) provided by operating activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">56,687</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">27,083</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">18,548</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(92,953</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Investing activities</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisitions of businesses, net of cash acquired (note 4)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(366</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(133,840</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(4,207</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(136,941</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Purchases of fixed assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(10,510</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(10,290</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(32,603</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(19,029</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Advisor loans issued</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(6,127</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(3,022</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(17,208</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(6,612</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Purchase of held for sale real estate assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">94,222</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">94,222</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Collections of AR facility deferred purchase price (note 10)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">11,824</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">15,069</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">22,732</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">26,459</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other investing activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(3,569</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,918</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(3,581</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">7,416</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash used in investing activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(8,748</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(35,943</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(34,867</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(34,485</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Financing activities</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Increase in long-term debt</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">240,902</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">113,747</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">444,423</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">354,156</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Repayment of long-term debt</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(224,762</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(231,749</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(374,491</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(329,012</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Issuance of convertible notes (note 8)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">230,000</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">230,000</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Purchases of non-controlling interests' subsidiary shares, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(13,707</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(19,719</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(21,840</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(24,395</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(941</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,918</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(10,743</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Proceeds received on exercise of stock options</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,437</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,188</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">10,382</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,458</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Dividends paid to common shareholders</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(2,009</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,992</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions paid to non-controlling interests</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(21,305</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(14,293</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(35,228</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(21,986</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Financing fees paid (note 8)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(7,353</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(7,353</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash (used in) provided by financing activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(17,376</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">72,821</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">17,319</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">193,133</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>8</b><!-- Field: /Sequence --> of <B>22</B></TD></TR></TABLE></DIV>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

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

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

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Six months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">ended June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">ended June 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; background-color: rgb(243,243,243)">2020</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; 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="width: 48%; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Effect of exchange rate changes on cash</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">888</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(813</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(966</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(14,450</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net change in cash, cash equivalents and restricted cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">31,451</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">63,148</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">34</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">51,245</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash, beginning of period</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">146,116</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">103,090</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">177,533</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">114,993</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash, end of period</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">177,567</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">166,238</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">177,567</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">166,238</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>


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

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



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

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


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">(Unaudited)</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Description of the business</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Colliers International
Group Inc. (&#8220;Colliers&#8221; or the &#8220;Company&#8221;) provides commercial real estate oriented professional services and investment
management to corporate and institutional clients in 36 countries around the world (66 countries including affiliates and franchisees).
Colliers&#8217; 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 (&#8220;EMEA&#8221;); Asia and Australasia
(&#8220;Asia Pacific&#8221;) and Investment Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Summary of presentation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">These unaudited Interim
Consolidated Financial Statements (the &#8220;Financial Statements&#8221;) 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 (&#8220;GAAP&#8221;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 June 30, 2021 and the results of operations and its cash flows for the three and six months ended June 30, 2021 and
2020. All such adjustments are of a normal recurring nature. The results of operations for the six-month period ended June 30, 2021 are
not necessarily indicative of the results to be expected for the year ending December 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><B>Government assistance
related to the COVID-19 pandemic</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company received
$2,536 of wage subsidies from governments in several countries around the world during the three-month period ended June 30, 2021 (2020
- $10,234) (six-month period ended June 30, 2021 - $5,008 (2020 - $10,234)). In the three-month period ending June 30, 2021, $1,792 of
the wage subsidies were recorded as reduction to cost of revenues (2020 - $7,971) and $744 were recorded as a reduction to selling, general
and administrative expenses (2020 - $2,263) in the Consolidated Statements of Earnings. In the six-month period ending June 30, 2021,
$3,442 of the wage subsidies were recorded as reduction to cost of revenues (2020 - $7,971) and $1,566 were recorded as a reduction to
selling, general and administrative expenses (2020 - $2,263) in the Consolidated Statements of Earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Impact of recently issued accounting standards</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><B>Recently adopted
accounting guidance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><I>Accounting for Income
Taxes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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&#8217;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&#8217;s consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D"><B>Recently issued accounting
guidance, not yet adopted</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D"><I>Reference Rate Reform</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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 (&#8220;LIBOR&#8221;) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D"><I>Debt with Conversion Options</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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 &#8211; Contracts in Entity&#8217;s
Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contract in an Entity&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Acquisitions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">During
the six months ended June 30, 2021, the Company acquired controlling interests in two businesses operating in the Americas (Miami, Florida;
Ontario, Canada). The acquisition date fair value of consideration transferred consisted of $4,207 in cash (net of cash acquired of $387)
plus a contingent consideration liability of $2,821. The Company acquired $543 of net assets, excluding cash, and recognized goodwill
of $3,198 and intangible assets of $3,287 in its purchase price allocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">During
the six months ended June 30, 2020, the Company acquired controlling interests in a Colliers International affiliate operating in the
Americas segment (Austin, Texas) and Colliers Mortgage, headquartered in Minneapolis for total cash consideration of $136,941 (net of
cash acquired of $39,748).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 June 30, 2021 was $140,296 (December 31, 2020 - $115,643). See note 17 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 June 30, 2021 was $10,141 (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 $174,703 to a maximum
of $195,977. These contingencies will expire during the period extending to July 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in;">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Six months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">June 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Transaction costs</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">4,037</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); width: 10%; color: #4A4A4D; text-align: right">6,255</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">6,506</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); width: 10%; color: #4A4A4D; text-align: right">8,003</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent consideration fair value adjustments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">11,435</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">(4,343</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">26,222</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">(4,852</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Contingent consideration compensation expense</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,223</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1,872</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,814</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">3,383</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">16,695</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">3,784</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">35,542</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">6,534</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Intangible assets</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The following table
summarizes the gross value, accumulated amortization and net carrying value of the Company&#8217;s indefinite life and finite life intangible
assets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in;">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold">June 30, 2021</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Gross</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amortization</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Net</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Indefinite life intangible assets:</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><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><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="width: 61%; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">23,975</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">23,975</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">53,175</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">53,175</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Finite life intangible assets:</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><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><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="color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">344,070</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">138,686</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">205,384</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">270,600</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">72,867</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">197,733</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">134,756</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">27,023</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">107,733</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,484</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,333</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">151</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">14,733</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,141</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">8,592</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">20,572</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,490</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">7,082</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Backlog</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">16,574</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">16,434</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">140</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">806,789</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">279,974</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">526,815</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">859,964</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">279,974</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">579,990</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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>
  </TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Gross</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold">December 31, 2020</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amortization</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Net</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Indefinite life intangible assets:</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><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><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="width: 61%; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">24,096</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">24,096</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">53,296</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">53,296</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Finite life intangible assets:</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><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><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="color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">345,511</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">123,368</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">222,143</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">270,600</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">60,723</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">209,877</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">114,909</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,121</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">101,788</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,630</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,322</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">308</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">14,803</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">4,355</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">10,448</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">20,813</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">12,406</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">8,407</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Backlog</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">16,307</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">12,244</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,063</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">788,573</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">231,539</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">557,034</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">841,869</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">231,539</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">610,330</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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. There was no impairment recorded for the six-month period ended June 30, 2021. The valuation allowance previously recorded
in the first quarter ended March 31, 2021 was fully recovered in the quarter ended June 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
following table summarizes activity related to the Company&#8217;s mortgage servicing rights for the six-month period ended June 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">101,788</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Additions, following the sale of loan</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">19,847</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(8,075</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepayments and write-offs</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(5,827</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Balance, June 30</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">107,733</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">For the year ended December 31,</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">MSRs</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other Intangibles</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 55%; color: #4A4A4D">2021 (remaining six months)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">7,433</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">32,680</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">40,113</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2022</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,617</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">61,951</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">75,568</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2023</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">12,490</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">58,198</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">70,688</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2024</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">11,549</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">50,244</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">61,793</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2025</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">10,558</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">41,473</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">52,031</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2026</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">9,438</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">37,810</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">47,248</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; color: #4A4A4D; border-bottom: Black 1pt solid">Thereafter</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">42,648</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">136,726</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">179,374</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">107,733</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">419,082</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">526,815</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Long-term debt</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company has a multi-currency
senior unsecured revolving credit facility (the &#8220;Revolving Credit Facility&#8221;) 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 June 30, 2021 was 3.4% (2020 &#8211; 3.0%). The Revolving Credit Facility
had $701,417 of available undrawn credit as at June 30, 2021 ($777,322 as at December 31, 2020). As of June 30, 2021, letters of credit
in the amount of $18,993 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company has outstanding
&#8364;210,000 of senior unsecured notes with a fixed interest rate of 2.23% (the &#8220;Senior Notes&#8221;), which are held by a group
of institutional investors. The Senior Notes have a 10-year term ending May 30, 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 June 30, 2021.
The Company is limited from undertaking certain mergers, acquisitions and dispositions without prior approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Convertible notes</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In May 2020, the Company
issued $230,000 aggregate principal of 4.0% Convertible Senior Subordinated Notes (the &#8220;Convertible Notes&#8221;) 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&#8217;s existing and future secured indebtedness, and are treated as equity for financial leverage calculations
under the Company&#8217;s Revolving Credit Facility and Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">At the holder&#8217;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 June 30, 2021, there was $312 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Warehouse credit facilities</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The following table
summarizes the Company&#8217;s mortgage warehouse credit facilities as at June 30, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Current</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Maturity</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; color: #4A4A4D; text-align: left">Facility A - LIBOR plus 1.60%</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; color: #4A4A4D; text-align: center">October 20, 2021</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">175,000</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">8,164</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">275,000</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">167,004</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Facility B - SOFR plus 1.70%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: center">On demand</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">40,442</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">125,000</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">51,014</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Facility C - LIBOR plus 1.60%</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: center; border-bottom: Black 1pt solid">April 27, 2022</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">150,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">6,960</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">450,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">55,566</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">400,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">218,018</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Colliers Mortgage Holdings
LLC (&#8220;Colliers Mortgage&#8221;) 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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. The borrowing capacity will decrease to $125,000 on October 20, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On April 28, 2021, Colliers
Mortgage entered into an additional financing agreement for Facility C with a borrowing capacity of $150,000. The maturity date is April
27, 2022 with an option to extend to April 27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B>&nbsp;</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>14</b><!-- Field: /Sequence --> of <B>22</B></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>AR Facility</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In April 2019, the Company
initially established a structured accounts receivable facility (the &#8220;AR Facility&#8221;). 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 has committed
availability of $125,000 and an initial term of 364 days, unless extended or an earlier termination event occurs. The Company renewed
the term of AR Facility in April 2020 and on April 26, 2021. Each renewal extended the term of the AR Facility for an additional 364 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Under the AR Facility,
certain of the Company's subsidiaries continuously sell trade accounts receivable and contract assets (the &#8220;Receivables&#8221;)
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 &#8220;Purchaser&#8221;). Although the special purpose entities are wholly owned subsidiaries of the Company,
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 Company. As of June 30, 2021, the Company had drawn $110,578 under the AR Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3pt 0pt 0.5in; 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> (&#8220;ASC 860&#8221;).
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. The Company
continues to service, administer and collect the Receivables on behalf of the Purchaser, and recognizes a servicing liability in accordance
with ASC 860. The Company has elected the amortization method for subsequent measurement of the servicing liability, which is assessed
for changes in the obligation at each reporting date. As of June 30, 2021, the servicing liability was nil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3pt 0pt 0.5in; text-align: justify; color: #4A4A4D">Under the AR Facility,
the Company receives a cash payment and a deferred purchase price (&#8220;Deferred Purchase Price&#8221; or &#8220;DPP&#8221;) 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 six months ending June 30, 2021, Receivables sold under the AR Facility were $682,537 and cash collections
from customers on Receivables sold were $672,472, 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 June 30, 2021, the outstanding principal on trade accounts
receivable, net of Allowance for Doubtful Accounts, sold under the AR Facility was $121,024; and the outstanding principal on contract
assets, current and non-current, sold under the AR Facility was $76,742. See note 17 for fair value information on the DPP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">For the six months ended
June 30, 2021, the Company recognized a gain related to Receivables sold of $2 (2020 - $8 loss) that was recorded in other expense in
the consolidated statement of earnings. Based on the Company&#8217;s collection history, the fair value of the Receivables sold subsequent
to the initial sale approximates carrying value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The non-cash investing
activities associated with the DPP for the six months ended June 30, 2021 were $22,179.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Variable interest entities</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company holds variable
interests in certain Variable Interest Entities (&#8220;VIE&#8221;) in its Investment Management segment which are not consolidated as
it was determined that the Company is not the primary beneficiary. The Company&#8217;s involvement with these entities is in the form
of advisory fee arrangements and equity co-investments (typically 1%-2%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
following table provides the maximum exposure to loss related to these non-consolidated VIEs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">June 30,</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">December 31,</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D">Investments</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">8,225</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">6,158</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Co-investment commitments</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">24,911</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">14,345</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Maximum exposure to loss</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">33,136</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">20,503</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Redeemable non-controlling interests</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The minority equity
positions in the Company&#8217;s subsidiaries are referred to as redeemable non-controlling interests (&#8220;RNCI&#8221;). 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 &#8220;mezzanine&#8221;
section of the balance sheet, outside of shareholders&#8217; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">442,375</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">RNCI share of earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">18,190</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">RNCI redemption increment</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">44,311</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions paid to RNCI</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(34,799</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Purchase of interests from RNCI, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(21,806</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Balance, June 30</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">448,271</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company has shareholders&#8217;
agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to &#8220;call&#8221; 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 &#8220;put&#8221;
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 June 30, 2021 was $420,471 (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
June 30, 2021, approximately 3,600,000 such shares would be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Net earnings per common share</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Diluted EPS is calculated
using the &#8220;if-converted&#8221; 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 &#8220;if-converted&#8221; method is used if the impact of the
assumed conversion is dilutive. The &#8220;if-converted&#8221; method is anti-dilutive for the three months and six months ended June
30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The following table
reconciles the basic and diluted common shares outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Six months ended</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold">(in thousands)</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Net earnings (loss) attributable to Company</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(456,117</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); width: 10%; color: #4A4A4D; text-align: right">(10,312</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(451,630</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); width: 10%; color: #4A4A4D; text-align: right">(5,725</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">After-tax interest on Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted numerator under the If-Converted Method</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(456,117</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">(10,312</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(451,630</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">(5,725</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Weighted average common shares - Basic</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">43,329</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">39,930</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">41,801</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">39,902</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Exercise of stock options</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">-</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">-</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Conversion of Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Weighted average common shares - Diluted</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">43,329</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">39,930</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">41,801</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">39,902</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Stock-based compensation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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 June 30, 2021, there were 1,324,800 options available for future grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Grants under the Company&#8217;s
stock option plan are equity-classified awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">There were 30,000 stock
options granted during the six months ended June 30, 2021 (2020 - 40,000). Stock option activity for the six months ended June 30, 2021
was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Weighted average</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Weighted</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">remaining</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Aggregate</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Number of</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">average</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">contractual life</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">intrinsic</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">options</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">exercise price</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(years)</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Shares issuable under options -</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><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><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><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="padding-left: 10pt; width: 48%; color: #4A4A4D">December 31, 2020</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">2,190,125</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">69.22</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Granted</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">30,000</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">106.67</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; 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><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="color: #4A4A4D">Exercised</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(221,700</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">46.83</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; 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><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="color: #4A4A4D; border-bottom: Black 1pt solid">Forfeited</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,300</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">85.82</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Shares issuable under options -</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><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><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><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="padding-left: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">June 30, 2021</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1,996,125</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">72.25</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2.9</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">79,305</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Options exercisable - June 30,2021</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">796,650</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">64.26</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2.1</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">38,012</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The amount of compensation
expense recorded in the statement of earnings for the six months ended June 30, 2021 was $5,522 (2020 - $4,224). As of June 30, 2021,
there was $14,611 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years.
During the six-month period ended June 30, 2021, the fair value of options vested was $4,649 (2020 - $4,720).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Long-term incentive arrangement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">On
April 16, 2021, the Company settled the Management Services Agreement (the &#8220;MSA&#8221;), including the Long Term Incentive Arrangement
(the &#8220;LTIA&#8221;), originally entered into on February 1, 2004 between the Company, Jay S. Hennick (the Company&#8217;s Chairman
&amp; Chief Executive Officer) and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick (the &#8220;Transaction&#8221;).
In addition, the Transaction established an orderly timeline for the elimination of the Company&#8217;s dual class voting structure by
no later than September 1, 2028. The Company, under the terms of the Transaction (a) paid US$96,200 (C$120,300) in cash and (b) issued
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). Subsequent to the completion of the Transaction, the MSA was terminated thereby eliminating the LTIA
and all future fees and other entitlements owing thereafter. The settlement of the LTIA was considered a modification of a share-based
payment arrangement, which was accounted for as compensation expense and presented separately as settlement of long-term incentive arrangement
in the Company&#8217;s Consolidated Statements of Earnings. The net cash impact was included in operating activities in the Company&#8217;s
Consolidated Statements of Cash Flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Income tax</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
provision for income tax for the six months ended June 30, 2021 reflected an effective tax rate of -8.3% (2020 - 36.1%) relative to the
combined statutory rate of approximately 26.5% (2020 - 26.5%). The current year&#8217;s rate was negatively impacted by the settlement
of the LTIA (see note 15). The settlement and its related costs are not tax deductible. The prior year&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>17</b><!-- Field: /Sequence --> of <B>22</B></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Financial instruments</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #4A4A4D; text-align: justify"><FONT STYLE="font-weight: normal"><I>Fair
values of financial instruments</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #4A4A4D; text-align: justify"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 June 30, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Carrying value at</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value measurements</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">June 30, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #4A4A4A; font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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="width: 48%; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Cash equivalents</TD><TD STYLE="width: 1%; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4A; text-align: right">13,254</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4A; text-align: right">13,254</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Equity securities</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">6,125</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">6,037</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">88</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Debt securities</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">8,817</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">8,817</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Mortgage derivative assets</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">7,975</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">7,975</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Warehouse receivables</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">62,838</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">62,838</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Deferred Purchase Price on AR Facility</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">87,341</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">87,341</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total assets</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">186,350</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">19,291</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">79,718</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">87,341</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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>&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><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><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><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="color: #4A4A4A; font-weight: bold">Liabilities</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><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><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><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="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Mortgage derivative liability</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">$</TD><TD STYLE="color: #4A4A4A; text-align: right">2,581</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">$</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">$</TD><TD STYLE="color: #4A4A4A; text-align: right">2,581</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">$</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Interest rate swap liability</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">5,110</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; 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><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">5,110</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; 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="color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Contingent consideration liability</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">140,296</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">140,296</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total liabilities</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">147,987</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">7,691</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">140,296</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">There were no significant non-recurring fair
value measurements recorded during the quarter ended June 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D"><B>Cash
equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D"><B>Financial
instruments and other inventory positions owned</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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&#8217; terms
and conditions and are classified as Level 2 of the fair value hierarchy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><B>Mortgage-related
derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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&#8217;s
counterparties, the short duration of interest rate lock commitments and forward sales contracts and the Company&#8217;s historical experience,
the risk of nonperformance by the counterparties does not have a significant impact on the determination of fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D"><B>Warehouse
receivables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">As
at June 30, 2021, all of the Company&#8217;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><B>AR Facility deferred
purchase price (&#8220;DPP&#8221;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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&#8217;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Changes in the fair
value of the DPP comprises the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">87,957</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Additions to DPP</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">23,944</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Collections on DPP</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(22,732</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Fair value adjustment</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Foreign exchange and other</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(1,830</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Balance, June 30</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">87,341</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D"><B>Interest
rate swaps</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><B>Contingent acquisition
consideration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 4.4%). 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 $3,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>19</b><!-- Field: /Sequence --> of <B>22</B></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Changes in the fair
value of the contingent consideration liability comprises the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">115,643</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Amounts recognized on acquisitions</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,821</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Fair value adjustments (note 5)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">26,222</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Resolved and settled in cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(4,181</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(209</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Balance, June 30</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">140,296</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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="color: #4A4A4D; text-align: left">Less: current portion</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">86,868</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current portion</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">53,428</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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&#8217;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
following are estimates of the fair values for other financial instruments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Fair</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Fair</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Senior Notes</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">247,927</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">272,226</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">255,790</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">275,928</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">224,578</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">444,337</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">223,957</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">353,638</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Other receivables include
notes receivable from non-controlling interests and non-current income tax recoverable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Commitments and Contingencies</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><I>Claims and Litigation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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&#8217;s
financial condition or the results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D"><I>Contingencies
associated with US government sponsored enterprises</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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 17 the Company accounts for these commitments
as derivatives recorded at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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 June 30, 2021, the Company has funded and
sold loans subject to such loss sharing obligations with an aggregate unpaid principal balance of approximately $4,262,000. As at June
30, 2021, the Loss Reserve was $15,937 (December 31, 2020 - $15,194) and was included within Other liabilities on the Consolidated Balance
Sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; 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&#8217;s servicing authority for all or some of the portfolio.
At June 30, 2021, Colliers Mortgage was in compliance with all such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Revenue</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #4A4A4D"><B>Disaggregated
revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold">OPERATING SEGMENT REVENUES</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Asia</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Investment</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Americas</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">EMEA</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Pacific</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Mgmt</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Consolidated</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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="color: #0C9ED9">Three months ended June 30,</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><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><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><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><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><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>&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><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><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><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><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><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="color: #0C9ED9; text-align: left">2021</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><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><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><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><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><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="width: 34%; color: #4A4A4D; font-weight: bold; padding-left: 10pt">Leasing</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">179,982</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">33,882</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">27,393</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">241,257</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">176,221</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">46,939</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">42,439</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">265,599</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">158,106</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">44,042</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">57,185</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">259,333</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">52,960</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">32,920</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">22,976</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">108,856</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">50,477</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">50,477</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 10pt">Other</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">15,500</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">788</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,025</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">159</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">20,472</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double">Total Revenue</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">582,769</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">158,571</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">154,018</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">50,477</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">159</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">945,994</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #0C9ED9; text-align: left">2020</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><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><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><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><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><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="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Leasing</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">102,414</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">19,885</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">14,469</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">136,768</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">71,615</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">23,044</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">20,346</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">115,005</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">94,107</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">35,795</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">46,165</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">176,067</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">32,963</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">19,900</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">16,653</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">69,516</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">41,389</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">41,389</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Other</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">7,786</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">990</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2,472</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">213</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">11,461</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 2.25pt double">Total Revenue</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">308,885</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">99,614</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">100,105</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">41,389</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">213</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">550,206</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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="color: #0C9ED9">Six months ended June 30,</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><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><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><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><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><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>&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><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><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><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><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><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="color: #0C9ED9; text-align: left">2021</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><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><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><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><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><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="color: #4A4A4D; font-weight: bold; padding-left: 10pt">Leasing</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">314,185</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">59,471</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">47,261</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">420,917</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">318,323</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">82,529</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">75,258</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">476,110</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">305,167</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">82,318</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">112,736</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">500,221</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">91,392</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">58,013</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">40,360</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">189,765</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">95,104</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">95,104</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Incentive Fees</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 10pt">Other</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">29,479</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,353</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">6,654</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">305</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">38,791</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double">Total Revenue</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">1,058,546</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">284,684</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">282,269</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">95,104</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">305</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">1,720,908</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #0C9ED9; text-align: left">2020</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><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><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><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><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><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="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Leasing</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">230,781</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">40,942</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">29,555</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">301,278</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">165,856</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">54,981</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">37,171</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">258,008</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">193,924</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">77,039</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">95,776</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">366,739</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">74,845</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">41,626</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">29,686</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">146,157</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">84,954</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">84,954</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Incentive Fees</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,260</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,260</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Other</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">13,469</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2,108</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">5,351</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">510</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">21,438</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 2.25pt double">Total Revenue</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">678,875</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">216,696</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">197,539</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">87,214</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">510</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">1,180,834</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Revenue associated with
the Company&#8217;s debt finance and loan servicing operations are outside the scope of ASC 606, <I>Revenue from Contracts with Customers</I>
(&#8220;ASC 606&#8221;). In the three months and six months ended June 30, 2021, $31,492 and $63,727 of revenue, respectively, was excluded
from the scope of ASC 606 (2020 - $5,118 and $5,118). These revenues were included entirely within the Americas segment within Capital
Markets and Other revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>21</b><!-- Field: /Sequence --> of <B>22</B></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><B>Contract balances</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">As at June 30, 2021,
the Company had contract assets totaling $78,339 of which $72,120 was current ($66,436 as at December 31, 2020 - of which $61,101 was
current). During the six months ended June 30, 2021, approximately 78% of the current contract assets were moved to accounts receivable
or sold under the AR Facility (Note 10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">As at June 30, 2021,
the Company had contract liabilities (all current) totaling $24,747 ($21,076 as at December 31, 2020). Revenue recognized for the six
months ended June 30, 2021 totaled $17,473 (2020 - $20,041) that was included in the contract liability balance at the beginning of the
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Segmented information</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><I>Operating segments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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&#8217;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 and, for the three and six month periods ended June 30, 2021,
also the settlement of the LTIA (see note 15).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold">OPERATING SEGMENTS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Asia</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Investment</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Americas</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">EMEA</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Pacific</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Mgmt</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Consolidated</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; color: #0C9ED9">Three months ended June 30</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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="color: #0C9ED9; text-align: left">2021</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><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><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><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><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><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="padding-left: 10pt; width: 34%; color: #4A4A4D; font-weight: bold">Revenues</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">582,769</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">158,571</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">154,018</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">50,477</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">159</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">945,994</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">18,779</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">5,751</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,296</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,784</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">964</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">34,574</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">63,239</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">14,393</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">16,692</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">14,157</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(494,258</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(385,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #0C9ED9; text-align: left">2020</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><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><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><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><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><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="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">308,885</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">99,614</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">100,105</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">41,389</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">213</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">550,206</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">9,348</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,217</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,514</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,685</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,176</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">25,940</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,415</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3,267</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,091</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">10,648</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(1,364</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">14,523</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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>
  </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Asia</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Investment</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Americas</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">EMEA</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Pacific</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Mgmt</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Consolidated</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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="color: #0C9ED9">Six months ended June 30</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><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><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><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><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><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>&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><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><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><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><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><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="color: #0C9ED9; text-align: left">2021</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><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><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><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><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><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="padding-left: 10pt; width: 34%; color: #4A4A4D; font-weight: bold">Revenues</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">1,058,546</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">284,684</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">282,269</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">95,104</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">305</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">1,720,908</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">39,457</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">11,456</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,050</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">13,515</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,873</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">72,351</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">106,092</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">13,304</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">28,400</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">24,088</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(517,705</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(345,821</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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><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><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="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #0C9ED9; text-align: left">2020</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><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><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><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><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><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="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">678,875</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">216,696</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">197,539</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">87,214</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">510</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1,180,834</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">17,418</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">10,660</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">7,117</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,320</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,315</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">50,830</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">26,125</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(16,718</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,319</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">22,426</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(5,091</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">33,061</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"><I>Geographic information</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Revenues in each geographic
region are reported by customer locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold">GEOGRAPHIC INFORMATION</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Six months ended</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">June 30</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243)">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">United States</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">500,702</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); width: 10%; color: #4A4A4D; text-align: right">271,483</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">917,941</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); width: 10%; color: #4A4A4D; text-align: right">588,562</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,414,330</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">1,240,104</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Canada</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">113,525</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">63,349</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">204,025</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">144,545</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">81,761</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">82,902</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">Euro currency countries</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">79,572</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">50,929</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">143,780</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">119,261</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">287,752</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">287,656</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Australia</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">72,030</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">38,910</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">125,963</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">77,793</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">78,166</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">79,652</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">United Kingdom</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">44,099</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">29,948</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">78,093</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">59,671</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">74,995</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">76,390</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Other</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">136,066</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">95,587</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">251,106</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">191,002</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">186,299</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">173,721</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Consolidated</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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; 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><TD>&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">945,994</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">550,206</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,720,908</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: left">$</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; text-align: right">1,180,834</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,123,303</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1,940,425</TD><TD STYLE="background-color: rgb(243,243,243); white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Subsequent events</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On July 28, 2021, the
Company entered into a note purchase agreement with a group of institutional investors to issue $150,000 and &#8364;125,000 of senior
unsecured notes with fixed interest rates of 3.02% and 1.52%, respectively (the &#8220;Senior Notes due 2031&#8221;). The proceeds from
the Senior Notes due 2031 will be drawn on or about October 7, 2021. The Senior Notes due 2031 have a maturity date of October 7, 2031.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B>COLLIERS INTERNATIONAL GROUP INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D">Management&rsquo;s discussion and analysis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D">For the six months ended June 30, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">August 6, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 and six months ended June 30,
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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 and six months ended June 30, 2021 and up to and including August 6, 2021.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Our consolidated revenues for
the second quarter ended June 30, 2021 were $946.0 million, an increase of 72% versus the prior year period (64% in local currency). The
increase was primarily attributable to strong Capital Markets and Leasing activity, the impact of recent acquisitions, and continued strength
in recurring revenues versus prior year quarter results which were materially impacted by the COVID-19 pandemic. The diluted loss per
share was $10.53 and included the impact of the settlement of the Long-Term Incentive Arrangement (&ldquo;LTIA&rdquo;) (see below) versus
a diluted loss per share of $0.26 in the prior year quarter. Adjusted earnings per share, which exclude the settlement of the LTIA, restructuring
costs, non-controlling interest redemption increment and amortization of intangible assets (see &ldquo;Reconciliation of non-GAAP financial
measures&rdquo; below) were $1.58, up 126% from $0.70 in the prior year period. Adjusted earnings per share and GAAP net earnings per
share for the six months ended June 30, 2021 would have been approximately $0.10 and $0.11 lower, respectively, excluding the impact of
changes in foreign exchange rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">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 LTIA, between Colliers, Jay S. Hennick (the Company&rsquo;s Chairman &amp;
CEO) 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 3.6 million Subordinate Voting Shares from treasury and a cash payment of $96.2 million funded from the Company&rsquo;s
revolving credit facility, which were recorded as an expense of $471.9 million on the statement of earnings during the second quarter
of 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">During the six months ended June
30, 2021, the Company completed two acquisitions in the Americas (Miami, Florida; Ontario, Canada).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">For the three and six-month periods
ended June 30, 2021, local currency revenue growth relative to pandemic-impacted prior year periods was driven by a rebound in Capital
Markets and Leasing activity and the positive impact of recent acquisitions. Compared to 2019 pre-pandemic levels, Capital Markets internal
revenues were significantly higher while Leasing partially recovered and remained below 2019 levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Six months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic">(in thousands of US$)</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Change</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Change</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Change</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Change</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(LC = local currency)</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">in US$ %</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">in LC%</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">in US$ %</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">in LC%</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; color: #4A4A4D; text-align: left">Outsourcing &amp; Advisory</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; color: #4A4A4D; font-weight: bold; text-align: right">388,661</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 6%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">257,044</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: #4A4A4D; text-align: right">51</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">%</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: #4A4A4D; text-align: right">43</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">%</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 6%; color: #4A4A4D; font-weight: bold; text-align: right">728,777</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 6%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">534,334</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: #4A4A4D; text-align: right">36</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">%</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: #4A4A4D; text-align: right">30</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Investment Management</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">50,477</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">41,389</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">22</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">21</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">95,104</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">87,214</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">9</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">9</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Leasing</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">241,257</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">136,768</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">76</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">69</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">420,917</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">301,278</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">40</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">35</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Capital Markets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">265,599</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">115,005</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">131</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">119</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">476,110</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">258,008</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">85</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">76</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">945,994</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">550,206</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">72</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">64</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,720,908</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,180,834</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">46</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">40</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Results of operations &ndash;
three months ended June 30, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">For the quarter ended June 30,
2021, revenues were $946.0 million, 72% higher than the comparable prior year quarter (64% in local currency). Internally generated revenues
were up 47% on a rebound in Capital Markets and Leasing activity as compared to prior year results which were impacted by the COVID-19
pandemic. Acquisitions contributed 17% to local currency revenue growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">The operating loss for the second
quarter was $385.8 million and included the impact of the settlement of the LTIA. Excluding the settlement of the LTIA, second quarter
operating earnings were $86.2 million, relative to $14.5 million in the prior year period. The operating earnings margin was 9.1%, excluding
the settlement of the LTIA, versus 2.6% in prior year with the increase attributable to higher revenues and a lower cost base from measures
taken during the pandemic. Adjusted EBITDA (see &ldquo;Reconciliation of non-GAAP financial measures&rdquo; below) was $136.6 million
up 128% versus $60.0 million reported in the prior year quarter. Adjusted EBITDA margin improved by 350 bps to 14.4% of revenues as compared
to 10.9% in the prior year quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Depreciation expense was $11.0
million relative to $8.9 million in the prior year quarter with the increase attributable to increased investments in office leaseholds
and the impact of recent business acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Amortization expense was $23.6
million, versus $17.1 recorded in the prior year quarter, with the increase attributable mainly to recent acquisitions, including those
of Colliers Mortgage and Colliers Engineering &amp; Design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Net interest expense was $7.9
million, versus $6.2 million recorded in the prior year quarter. The current quarter income expense included the full quarter impact of
the Convertible Notes which were issued on May 19, 2020 during the comparative prior year quarter. The average interest rate on debt during
the period was 3.4%, relative to 2.9% in the prior year quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Earnings from equity investments,
including other income, for the second quarter was $2.0 million as compared to $0.3 million in the prior year quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Consolidated income tax expense
for the quarter was $20.9 million, relative to $2.1 million in the prior year quarter. The current quarter&rsquo;s rate was impacted by
the settlement of the LTIA. The settlement and its related costs are not tax deductible. The effective tax rate for the quarter would
be 26%, after excluding the impact from the settlement of the LTIA, relative to 25% in the prior year quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">The net loss for the quarter was
$412.6 million, which includes the impact of the settlement of the LTIA, versus earnings of $6.5 million in the prior year comparative
quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Revenues in the Americas region
totalled $582.8 million for the second quarter, up 89% (84% in local currency) versus $308.9 million in the prior year quarter. Revenue
growth was driven by strong Capital Markets and Leasing activity across most major markets and the incremental impact of recent acquisitions,
versus prior year results which were impacted by the pandemic. Foreign exchange tailwinds positively impacted revenue growth by 5%. Adjusted
EBITDA was $78.9 million, up 224% from $24.4 million in the prior year quarter. The increase was driven by higher revenues and reduced
costs from measures implemented during the pandemic. GAAP operating earnings were $63.2 million, relative to $3.4 million in the prior
year quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Revenues in the EMEA region totalled
$158.6 million for the second quarter compared to $99.6 million in the prior year quarter, up 59% (45% in local currency). Revenue growth
was strong across all service lines, particularly Capital Markets, relative to reduced levels in the prior year quarter impacted by the
pandemic. Foreign exchange tailwinds positively impacted revenue growth by 14%. Adjusted EBITDA was $20.6 million, up 226% from $6.3 million
in the prior year on higher revenues and cost savings from measures implemented during the pandemic. The GAAP operating earnings were
$14.4 million versus a loss of $3.3 million in the prior year quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Revenues in the Asia Pacific region
totalled $154.0 million for the second quarter compared to $100.1 million in the prior year quarter, up 54% (38% in local currency). Revenue
growth was robust across all service lines and geographies, particularly in Australia and New Zealand, versus pandemic-impacted prior
year quarter results. Foreign exchange tailwinds positively impacted revenue growth by 16%. Adjusted EBITDA was $20.7 million, up 69%
from $12.3 million in the prior year quarter with the improvement in margin attributable to operating leverage and a lower cost base from
measures implemented during the pandemic. GAAP operating earnings were $16.7 million, versus $5.1 million in the prior year quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Investment Management revenues
for the second quarter were $50.5 million compared to $41.4 million in the prior year quarter, up 22% (21% in local currency). Revenue
growth was driven by management fee growth from increased AUM. Neither the current year quarter nor the prior year quarter included carried
interest revenues. Adjusted EBITDA was $21.3 million, relative to $17.4 million in the prior year quarter, up 23%. GAAP operating earnings
were $14.2 million in the quarter, versus $10.6 million in the prior year quarter. Assets under management were $44.5 billion at June
30, 2021, up 13% from $39.5 billion at December 31, 2020 and up 25% from $35.7 billion at June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Unallocated global corporate costs
as reported in Adjusted EBITDA were $5.0 million in the second quarter, relative to $0.3 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 $494.3 million. Excluding the impact of the LTIA, corporate GAAP operating loss was $22.3 million, relative to a loss of $1.4
million in the second 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Results of operations &ndash;
six months ended June 30, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">For the six months ended June
30, 2021, revenues were $1.72 billion, up 46% compared to the prior year period (40% in local currency). Internally generated revenues
were up 23% with growth across all service lines, especially Capital Markets and Leasing as compared to the prior year period, which was
impacted by the pandemic beginning in March 2020. Acquisitions contributed 6% to local currency revenue growth versus the prior year period.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">The operating loss was $345.8
million and included the impact of the settlement of the LTIA. Excluding the settlement of the LTIA, operating earnings were $126.1 million
versus $33.1 million in the prior year period. The operating earnings margin, excluding the LTIA, was 7.3% versus 2.8% in the prior year
period with the increase attributable to (i) operating leverage from higher revenues across all services lines; (ii) the year-to-date
impact of higher margin acquisitions of Colliers Mortgage and Colliers Engineering &amp; Design; and (iii) measures taken to reduce costs
due to the pandemic. Adjusted EBITDA (see &ldquo;Reconciliation of non-GAAP financial measures&rdquo; below) was $228.7 million, up 100%
versus $114.4 million in the prior year. Adjusted EBITDA margin increased by 360 basis points to 13.3% as compared to 9.7% in the prior
year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Depreciation expense was $21.5
million relative to $17.7 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Amortization expense was $50.9
million relative to $33.1 million in the prior year period, with the increase attributable mainly to intangible assets recognized in connection
with recent business acquisitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Net interest expense was $16.2
million, up from $13.8 million in the prior year period and included the year to date interest from our Convertible Notes. The average
interest rate on our debt during the period was 3.4%, versus 2.8% in the prior year period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Consolidated income tax expense
for the six months ended June 30, 2021 was $29.7 million, relative to $7.3 million in the prior year period. The current year&rsquo;s
rate was impacted by the settlement of the LTIA. The settlement and its related costs are not tax deductible. The effective tax rate would
be 26%, after excluding the impact from the settlement of the LTIA, as compared to 36% in the prior year period, which 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 (excluding LTIA) is expected to be 25% to 28%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">The net loss was $387.8 million,
which includes the impact of the LTIA, versus earnings of $12.9 million in the prior year period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Revenues in the Americas region
totalled $1.06 billion for the six months ended June 30, 2021, up 56% (53% in local currency) versus $678.9 million in the prior year
period. Revenue growth was driven by year to date impact of recent acquisitions and a rebound in Capital Markets and Leasing activity.
Foreign exchange tailwinds positively impacted revenue growth by 3%. Adjusted EBITDA was $135.8 million, up 145% from $55.5 million in
the prior year quarter driven by the impact of recent acquisitions, higher revenues and reduced costs from measures implemented due to
the pandemic. GAAP operating earnings were $106.1 million, relative to $26.1 million in the prior year quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Revenues in the EMEA region totalled
$284.7 million for the six months ended June 30, 2021 compared to $216.7 million in the prior year period, up 31% (21% in local currency).
Revenue growth was driven by growth across all services lines, particularly in transactional services. Foreign exchange tailwinds positively
impacted revenue growth by 10%. Adjusted EBITDA was $25.1 million, versus $2.7 million in the prior year with the improvement primarily
attributable to operating leverage from higher revenues and cost savings from measures implemented due to the pandemic. The GAAP operating
earnings were $13.3 million compared to a loss of $16.7 million in the prior year period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Revenues in the Asia Pacific region
totalled $282.3 million for the six months ended June 30, 2021 compared to $197.5 million in the prior year period, up 43% (29% in local
currency). Revenue growth was driven by a rebound in activity across all service lines relative to the prior year period, which was impacted
by pandemic. Foreign exchange tailwinds positively impacted revenue growth by 14%. Adjusted EBITDA was $36.2 million compared to $17.5
million in the prior year period with the improvement in margin attributable to operating leverage and a lower cost base. GAAP operating
earnings were $28.4 million, versus $6.3 million in the prior year period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Investment Management revenues
were $95.1 million compared to $87.2 million in the prior year period, up 9% (9% in local currency) on solid management fee growth. No
pass-through revenue from historical carried interest was recognized in the current period relative to $2.3 million in the prior year
period. Adjusted EBITDA was $39.1 million, relative to $35.8 million in the prior year period. GAAP operating earnings were $24.1 million
versus $22.4 million in the prior year period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Unallocated global corporate costs
as reported in Adjusted EBITDA were $7.6 million for the six months ended June 30, 2021, relative to a recovery of $2.9 million in the
prior year period, with the change primarily attributable to incentive compensation accruals recorded in the current year period. The
corporate GAAP operating loss for the quarter was $517.7 million and included the impact of the settlement of the LTIA. Operating loss,
excluding the impact of the settlement of the LTIA, was $45.8 million relative to $5.1 million in the prior year period 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 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">Summary of quarterly results
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold">Summary of quarterly results - years ended December 31, 2021, 2020 and 2019</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold">(in thousands of US$, except per share amounts)</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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C9ED9"><B>Q1</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C9ED9"><B>Q2</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C9ED9"><B>Q3</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C9ED9"><B>Q4</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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="color: #4A4A4D; font-weight: bold">Year ended December 31, 2021</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><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><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><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="width: 48%; color: #4A4A4D">Revenues</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">945,994</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">39,956</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(385,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</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><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="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(456,117</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</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><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="color: #4A4A4D; text-align: left">Basic net earnings per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(10.53</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</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><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="color: #4A4A4D; text-align: left">Diluted net earnings per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(10.53</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</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><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>&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><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><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><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="color: #4A4A4D; font-weight: bold">Year ended December 31, 2020</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><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><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><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="color: #4A4A4D">Revenues</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">630,628</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">550,206</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">692,307</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">913,716</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">18,537</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">14,523</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">52,074</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">79,443</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,458</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,483</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">31,979</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">49,568</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Basic net earnings per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.12</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(0.26</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.53</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.84</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Diluted net earnings per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(0.26</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.52</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.80</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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="color: #4A4A4D; font-weight: bold">Year ended December 31, 2019</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><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><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><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="color: #4A4A4D">Revenues</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">635,123</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">745,517</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">736,883</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">928,288</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,397</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">57,198</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">48,175</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">99,428</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,463</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">35,575</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">28,672</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">67,877</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Basic net earnings per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.60</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.75</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1.21</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Diluted net earnings per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.60</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.74</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1.20</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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="color: #4A4A4D; font-weight: bold; text-align: left">Other data*</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><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><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><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="color: #4A4A4D; text-align: left">Adjusted EBITDA - 2021</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">92,128</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">136,558</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; 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><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="color: #4A4A4D; text-align: left">Adjusted EBITDA - 2020</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">54,454</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">59,962</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">92,120</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">154,906</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted EBITDA - 2019</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">43,571</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">87,323</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">84,262</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">144,320</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted EPS - 2021</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1.04</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1.58</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; 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><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="color: #4A4A4D; text-align: left">Adjusted EPS - 2020</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.54</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.70</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1.08</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1.79</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Adjusted EPS - 2019</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">0.51</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1.10</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1.04</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2.01</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">*(See reconciliation of non-GAAP financial measures)</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><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><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><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>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 half of 2021 and to the present date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">2021 outlook</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Given stronger than anticipated
operating results for the second quarter, the Company is increasing its previously provided financial outlook. However, a number of uncertainties
remain which could impact our outlook, including: (i) the emergence of COVID-19 variants around the world; and (ii) certain operating
costs, reduced in light of the pandemic, are expected to increase in the second half of the year as restrictions ease which may temper
margin expansion. The outlook for the full year 2021 (relative to 2020), including the impact of completed acquisitions, is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="3" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C9ED9">Full Year 2021 Outlook</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: #25408F 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C9ED9"><B>Updated</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%; border-bottom: #25408F 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0C9ED9">Previous</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Revenue</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>+20% to +30%</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">+15% to +30%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>+25% to +35%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #25408F 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">+15% to +30%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">The Company received wage subsidies
totalling $5.0 million on a year to date basis in 2021, relative to $10.2 million in the prior year period from governments in several
countries. These subsidies were recorded in earnings as an offset to employment costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 provided by operating
activities for the six-month period ended June 30, 2021 was $18.5 million, versus $93.0 million used in the prior year period. The prior
year period was impacted by significant working capital usage in our Capital Markets and Leasing 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">For the six months ended June
30, 2021, capital expenditures were $32.6 million. Capital expenditures for the year ending December 31, 2021 are expected to be $65-$75
million relative to $40.4 million in 2020, with the increase primarily attributable to investments in office space in major markets, some
of which were deferred from 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Net indebtedness as at June 30,
2021 was $392.6 million, versus $323.3 million at December 31, 2020, which excludes the Convertible Notes and warehouse credit facilities.
Net indebtedness is calculated as the current and non-current portion of long-term debt less cash and cash equivalents. As of June 30,
2021, the Company&rsquo;s financial leverage ratio expressed in terms of net debt to pro forma Adjusted EBITDA was 0.9x (1.0x as of December
31, 2020), relative to a maximum of 3.5x permitted under its debt agreements. Including the Convertible Notes, our net indebtedness as
at June 30, 2021 would have been $617.2 million. We are in compliance with the covenants contained in our agreements relating to our debt
agreements as at June 30, 2021 and, based on our outlook for 2021, we expect to remain in compliance with these covenants.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">On May 13, 2021, the Company&rsquo;s
Board of Directors declared a semi-annual dividend of $0.05 per share to shareholders of record on June 30, 2021. This dividend amounting
to $2.0 million was paid on July 14, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">As of the June 30, 2021, the Company
had $701.4 million of unused credit under its committed revolving credit facility maturing in April 2024.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">On July 28, 2021 the Company entered
into a note purchase agreement to issue US dollar and Euro fixed rate senior unsecured notes (the &ldquo;Senior Notes&rdquo;), consisting
of US$150 million of 3.02% Notes due 2031 and &euro;125 million of 1.52% Notes due 2031. The Senior Notes were placed privately and rank
equally with Colliers&rsquo; senior unsecured revolving credit facility and existing senior unsecured Euro notes due 2028. The proceeds
of the issuances are expected to be drawn on or about October 7, 2021. The Company intends to use the proceeds for general corporate purposes
and to reduce outstanding borrowings under its revolving credit facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 $196.0 million as at June 30, 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 June 30, 2021 was $140.3 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 June 30, 2021 was $10.1 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 July 2026. We estimate that approximately 85% of the contingent consideration
outstanding as of June 30, 2021 will ultimately be paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">The following table summarizes
our contractual obligations as at June 30, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold">Contractual obligations</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Payments due by period</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9">(in thousands of US$)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Less than</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">After</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">1 year</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">1-3 years</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">4-5 years</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">5 years</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&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="width: 35%; color: #4A4A4D; text-align: left">Long-term debt</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">538,505</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">1,283</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">289,294</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">247,928</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Warehouse credit facilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">55,566</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">55,566</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">224,578</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">224,578</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest on long-term debt</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><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><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><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><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="color: #4A4A4D; text-align: left">&nbsp;&nbsp;and Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">106,262</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">26,129</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">50,337</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">19,199</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">10,597</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Finance lease obligations</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,593</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">859</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">732</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">140,296</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">86,868</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">48,485</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">4,649</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">294</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating leases obligations</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">470,944</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">93,955</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">145,775</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">90,170</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">141,044</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Purchase commitments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">25,411</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,748</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,219</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,175</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,269</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Co-investment Commitments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">24,911</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">24,911</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total contractual obligations</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,588,066</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">303,319</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">539,842</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">341,773</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">403,132</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">At June 30,
2021, we had commercial commitments totaling $19.0 million comprised of letters of credit outstanding due to expire within one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D"><B>Redeemable
non-controlling interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">The total value
of the RNCI (the &ldquo;redemption amount&rdquo;), as calculated in accordance with shareholders&rsquo; agreements, was $420.5 million
as of June 30, 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 June 30, 2021, the RNCI recorded on the balance sheet was $448.3 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 six months ended June 30,
2021 would be $1.35, and the accretion to adjusted EPS would be $0.26.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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) the settlement of the LTIA;
(v) depreciation and amortization, including amortization of mortgage servicing rights (&ldquo;MSRs&rdquo;); (vi) gains attributable to
MSRs; (vii) acquisition-related items (including contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related
compensation expense and transaction costs); (viii) restructuring costs and (ix) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Six months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,483</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(387,794</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">12,942</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Income tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">20,872</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,127</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">29,719</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">7,326</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other income, including equity earnings from non-consolidated investments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(1,964</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(266</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,946</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(970</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">7,916</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,179</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">16,200</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">13,763</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(385,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">14,523</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(345,821</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">33,061</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Settlement of LTIA</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">34,574</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">25,940</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">72,351</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">50,830</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(5,841</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(509</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(14,916</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(509</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Equity earnings from non-consolidated investments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,732</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">414</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">3,138</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">969</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">16,695</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">3,784</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">35,542</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,534</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Restructuring costs</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">650</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">13,839</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">943</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">19,307</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Stock-based compensation expense</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,597</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,971</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">5,522</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">4,224</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted EBITDA</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">136,558</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">59,962</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">228,687</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">114,416</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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) the settlement of the LTIA; (iii) amortization expense related to intangible assets
recognized in connection with acquisitions and MSRs; (iv) gains attributable to MSRs; (v) acquisition-related items; (vi) restructuring
costs and (vii) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 and six months ended June 30, 2021 and June 30, 2020, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Six months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,483</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(387,794</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">12,942</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(11,745</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(4,265</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(19,525</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(7,642</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest on Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,300</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,059</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">4,600</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,059</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Settlement of LTIA</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Amortization of intangible assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">23,533</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">17,089</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">50,871</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">33,101</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(5,841</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(509</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(14,916</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(509</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">16,695</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">3,784</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">35,542</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,534</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Restructuring costs</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">650</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">13,839</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">943</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">19,307</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Stock-based compensation expense</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,597</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,971</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">5,522</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">4,224</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Income tax on adjustments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(8,517</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(7,442</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(18,183</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(13,247</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Non-controlling interest on adjustments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(3,460</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(2,447</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(6,795</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(4,597</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted net earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">75,539</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">29,562</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">122,193</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">51,172</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><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><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><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>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Six months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">June 30</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in US$)</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Diluted net earnings per common share<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(9.53</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.25</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">(9.75</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.14</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest on Convertible Notes, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.02</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.07</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.02</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Non-controlling interest redemption increment</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.67</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.30</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.96</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.27</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Settlement of LTIA</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">9.86</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">10.19</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Amortization expense, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.29</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.25</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.66</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.49</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Gains attributable to MSRs, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(0.07</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.01</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(0.18</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.01</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.26</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.10</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.56</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.17</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Restructuring costs, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.01</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.24</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.01</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.35</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Stock-based compensation expense, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">0.05</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.05</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">0.12</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.10</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">Adjusted EPS</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1.58</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.70</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2.64</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1.25</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Diluted weighted average shares for Adjusted EPS (thousands)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">47,846</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">41,901</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">46,303</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">41,021</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D"><I><SUP>(1)</SUP>Amounts shown reflect the &quot;if-converted&quot; method's dilutive impact on the adjusted EPS calculation for the three and six months ended June 30, 2021 and 2020.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="color: #4A4A4D; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D"><B>Impact of IFRS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D"><B>Financial instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">As of June 30, 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 the AR Facility. As of June 30, 2021, the Company had drawn $110.6
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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Transactions with related
parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">On April 16, 2021, the Company
completed the Transaction to settle the Management Services Agreement, including the LTIA, between Colliers, Jay S. Hennick (the Company&rsquo;s
Chairman &amp; CEO) and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">As at June 30, 2021, the Company
had $2.9 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 2028, but are open for repayment without penalty at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">As of the date hereof, the Company
has outstanding 42,658,300 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. In addition, as at the date hereof 1,996,125
Subordinate Voting Shares are issuable upon exercise of options granted under the Company&rsquo;s stock option plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">On July 16, 2021, the Company
announced a Normal Course Issuer Bid (&ldquo;NCIB&rdquo;) effective from July 20, 2021 to July 19, 2022. The Company is entitled to repurchase
up to 3,200,000 Subordinate Voting Shares on the open market pursuant to the NCIB. Any shares purchased under the NCIB will be cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D"><B>Canadian
tax treatment of common share dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 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 June 30, 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 June 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 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">Changes in internal control
over financial reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 June 30, 2021, our internal control over financial reporting was effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">During the three months ended
June 30, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">a decrease in property values and vacancy rates,
which could negatively impact Leasing and Capital Markets commissions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">liquidity challenges, including impacts related
to delayed customer payments and payment defaults associated with customer liquidity issues and bankruptcies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">inability to access capital or financing at favorable
terms due to possible adverse effect on our liquidity and financial position; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">the occurrence of asset impairment losses.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Economic conditions, especially as they relate
to commercial and consumer credit conditions and business spending, particularly in regions where our operations may be concentrated.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commercial real estate property values, vacancy
rates and general conditions of financial liquidity for real estate transactions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trends in pricing and risk assumption for commercial
real estate services.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The effect of significant movements in average
cap rates across different property types.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">A reduction by companies in their reliance on
outsourcing for their commercial real estate needs, which would affect our revenues and operating performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Competition in the markets served by the Company.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The impact of changes in the market value of
assets under management on the performance of our Investment Management business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">A decline in our ability to attract, recruit
and retain talent.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">A decline in our ability to attract new clients
and to retain major clients and renew related contracts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reliance on subcontractors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Labor shortages or increases in wage and benefit
costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 21pt; text-align: right"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The effect of increases in interest rates on
our cost of borrowing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unexpected increases in operating costs, such
as insurance, workers&rsquo; compensation and health care.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in the frequency or severity of insurance
incidents relative to our historical experience.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">A decline in our ability to identify and make
acquisitions at reasonable prices and successfully integrate acquired operations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disruptions or security failures in our information
technology systems.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The ability to protect against cybersecurity
threats as well as to monitor new threats.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in climate and environment-related policies
that directly impact our businesses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in government laws and policies at the
federal, state/provincial or local level that directly impact our businesses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion of the Convertible Notes to subordinate
voting shares may dilute the ownership of existing shareholders.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 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">Additional information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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>



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