<SEC-DOCUMENT>0001171843-21-007631.txt : 20211105
<SEC-HEADER>0001171843-21-007631.hdr.sgml : 20211105
<ACCEPTANCE-DATETIME>20211105163013
ACCESSION NUMBER:		0001171843-21-007631
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211105
FILED AS OF DATE:		20211105
DATE AS OF CHANGE:		20211105

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:		211385001

	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_110521.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; font-weight: bold; text-align: center"></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: 1.5in"></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><B><I>&nbsp;</I></B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>COLLIERS INTERNATIONAL GROUP INC.</B></TD>
    <TD><B><I>&nbsp;</I></B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; font-size: 10pt; text-align: left">Date: November 5, 2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%; font-size: 10pt; font-style: italic; text-align: left">/s/ Christian Mayer</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right"></TD>
    <TD STYLE="font-size: 10pt; text-align: left">Name: Christian Mayer</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right"></TD>
    <TD STYLE="font-size: 10pt; text-align: left">Title: Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD><B>Exhibit</B></TD><TD STYLE="text-align: justify"><B>Description of Exhibit</B></TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="exh_991.htm">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="exh_991.htm">Interim consolidated financial statements and management&rsquo;s discussion &amp; analysis for the three
month and nine month periods ended September 30, 2021.</A></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: #4A4A4D"><B>September 30, 2021</B></P>

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

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

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 24</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; color: #4A4A4D; text-align: left">Revenues (note 20)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,022,756</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">692,307</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,743,664</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,873,141</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Cost of revenues (exclusive of depreciation and amortization shown below)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">645,123</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">426,031</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,689,505</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">1,197,736</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">252,848</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">172,956</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">695,374</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">491,660</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Depreciation</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">11,440</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">10,369</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">32,920</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">28,098</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,148</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">25,912</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">74,019</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">59,013</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items (note 6)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,231</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,965</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,773</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">11,499</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Settlement of long-term incentive arrangement ("LTIA") (note 16)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">75,966</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">52,074</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(269,855</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">85,135</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,300</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">8,864</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,500</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">22,627</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Equity earnings from unconsolidated investments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,487</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(482</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,625</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,451</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other income, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(114</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(27</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(922</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(28</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Earnings (loss) before income tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">69,267</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">43,719</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(288,808</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">63,987</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Income tax expense (note 17)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,771</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">11,740</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">48,490</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">19,066</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,496</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">31,979</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(337,298</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">44,921</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">13,623</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,264</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">33,148</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">13,906</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interest redemption increment (note 13)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,869</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,548</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">63,180</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">15,572</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net earnings (loss) attributable to Company</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,004</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">21,167</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(433,626</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">15,443</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Net earnings (loss) per common share (note 14)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Basic</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.41</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">0.53</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(10.19</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">0.39</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Diluted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.40</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">0.52</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(10.19</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">0.38</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>


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


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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,496</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">31,979</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(337,298</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">44,921</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation gain (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,093</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,812</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,654</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(6,716</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Unrealized gain (loss) on interest rate swaps, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">802</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,854</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(3,294</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Comprehensive earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">47,427</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">36,593</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(342,098</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">34,911</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Less: Comprehensive earnings attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,450</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">6,722</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96,633</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">28,016</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Comprehensive earnings (loss) attributable to Company</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,977</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">29,871</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(438,731</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,895</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>


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

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


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

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

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

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



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0">September 30,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2021</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; background-color: #F3F3F3"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2020</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">134,123</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">156,614</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restricted cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">45,348</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">20,919</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accounts receivable, net of allowance of $22,990 (December 31, 2020 - $25,632) (note 11)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">424,689</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">372,149</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract assets (note 20)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">60,473</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">61,101</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse receivables (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">161,939</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">232,207</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax recoverable</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,689</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">15,041</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepaid expenses and other current assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">198,946</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">177,780</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,040,207</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,035,811</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other receivables</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">11,632</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">14,989</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract assets (note 20)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,403</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,335</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">86,452</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">74,355</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Fixed assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">138,735</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">129,221</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating lease right-of-use assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">311,314</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">288,134</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Deferred tax assets, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">62,775</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">45,008</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Intangible assets (note 7)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">559,962</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">610,330</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Goodwill</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,075,598</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,088,984</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Real estate assets held for sale (note 5)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">31,076</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,284,947</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,256,356</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,325,154</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,292,167</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Liabilities and shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accounts payable and accrued expenses</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">337,324</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">297,766</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accrued compensation</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">518,044</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">450,894</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax payable</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">21,305</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">26,783</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract liabilities (note 20)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">31,012</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">21,076</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt - current (note 8)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,565</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">9,024</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration - current (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,780</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,802</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse credit facilities (note 10)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">152,905</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">218,018</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Operating lease liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">80,282</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">78,923</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,241,217</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,108,286</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt - non-current (note 8)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">375,182</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">470,871</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">52,785</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">109,841</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating lease liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">292,133</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">251,680</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">64,312</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">48,525</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Deferred tax liabilities, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">36,438</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">50,523</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Convertible notes (note 9)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">224,895</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">223,957</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Liabilities related to real estate assets held for sale (note 5)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,975</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,066,720</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,155,397</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Redeemable non-controlling interests (note 13)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">474,615</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">442,375</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Common shares</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">850,042</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">457,993</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contributed surplus</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">71,631</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">66,971</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Retained earnings (deficit)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(316,404</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">119,421</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Accumulated other comprehensive loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(67,084</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(61,979</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Total Company shareholders' equity</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">538,185</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">582,406</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interests</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,417</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,703</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total shareholders' equity</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">542,602</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">586,109</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,325,154</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,292,167</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>



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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Commitments and subsequent events (note 19 and note 22)</FONT> </P>



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

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

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


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

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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine months ended September 30, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: center">Common shares</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">other</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Retained</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">shares</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">earnings</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">loss</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">interests</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">equity</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2020</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">40,189,436</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">457,993</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">66,971</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">119,421</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(61,979</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,703</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">586,109</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(337,298</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(337,298</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(8,654</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(8,654</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain on interest rate swaps, net of tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,854</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,854</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings attributable to NCI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(305</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(301</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(606</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(33,148</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,839</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(31,309</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(63,180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(63,180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(782</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(782</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(42</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(42</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock options exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">266,100</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">16,307</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,520</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,787</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Settlement of LTIA (note 16)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,572,858</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">375,742</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">375,742</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Dividends</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(2,199</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(2,199</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, September 30, 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,028,394</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">850,042</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">71,631</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(316,404</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(67,084</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,417</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">542,602</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended September 30, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: center">Common shares</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Issued and</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">other</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Non-</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Total</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">outstanding</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Contributed</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Retained</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">comprehensive</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">controlling</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">shareholders'</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">shares</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Amount</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">surplus</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">earnings</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">loss</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">interests</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">equity</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, June 30, 2021</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">43,983,994</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">846,976</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">69,634</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(334,408</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(64,057</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,326</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">522,471</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(5,093</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(5,093</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain on interest rate swaps, net of tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings attributable to NCI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(174</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(132</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(13,623</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">502</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(13,121</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(18,869</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(18,869</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(230</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(230</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(7</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(7</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,658</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,658</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock options exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,400</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,066</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(661</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,405</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Settlement of LTIA (note 16)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Dividends</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, September 30, 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,028,394</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">850,042</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">71,631</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(316,404</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(67,084</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,417</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">542,602</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine months ended September 30, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: center">Common shares</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">other</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">outstanding</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Contributed</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Retained</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">comprehensive</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">controlling</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">shareholders'</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">shares</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Amount</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">surplus</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">earnings</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">loss</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">interests</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">equity</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 16%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2019</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">39,845,211</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">442,153</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">60,706</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">77,181</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(67,164</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,423</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">517,299</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; text-indent: -10pt; padding-left: 10pt">Cumulative effect adjustment:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; text-indent: -10pt; padding-left: 20pt">Current expected credit losses, net of tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,824</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,824</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,921</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,921</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,716</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,716</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; text-indent: -10pt; padding-left: 10pt">Unrealized loss on interest rate swaps, net of tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,294</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,294</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; text-indent: -10pt; padding-left: 10pt">Other comprehensive earnings attributable to NCI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,462</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(429</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,033</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(13,906</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,067</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(12,839</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(15,572</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(15,572</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(1,200</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(1,200</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(58</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(58</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Subsidiaries&rsquo; equity transactions</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Stock option expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,056</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,056</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Stock options exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">203,600</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9,690</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(2,092</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7,598</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Dividends</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(1,999</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(1,999</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, September 30, 2020</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,048,811</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">451,843</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">64,664</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">87,801</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(75,712</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,803</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">532,399</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended September 30, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: center">Common shares</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Issued and</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">other</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Non-</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Total</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">outstanding</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Contributed</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Retained</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">comprehensive</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">controlling</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">shareholders'</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">shares</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Amount</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">surplus</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">earnings</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">loss</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">interests</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">equity</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 16%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, June 30, 2020</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">39,998,811</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">449,789</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">63,305</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">66,632</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(84,416</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,700</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">499,010</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,979</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,979</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation gain</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,812</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,812</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain on interest rate swaps, net of tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">802</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">802</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings attributable to NCI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,090</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">78</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,168</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,264</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">394</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(5,870</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(4,547</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(4,547</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(363</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(363</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Subsidiaries&rsquo; equity transactions</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(11</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(11</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,832</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,832</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock options exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,054</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(462</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,592</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Dividends</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, September 30, 2020</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,048,811</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">451,843</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">64,664</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">87,801</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(75,712</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,803</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">532,399</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

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


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

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

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

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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">ended September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">ended September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Cash provided by (used in)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,496</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">31,979</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(337,298</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">44,921</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Items not affecting cash:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">34,588</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">36,281</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">106,939</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">87,111</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Settlement of long-term incentive arrangement (note 16)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">375,742</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to mortgage servicing rights</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,812</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(6,888</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(20,728</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(7,397</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to the fair value of mortgage premiums and origination fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,516</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">(14,303</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(34,799</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">(16,113</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Deferred tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(10,953</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(2,977</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(33,457</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(16,974</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Earnings from equity method investments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,487</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(482</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,625</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,451</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense (note 15)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,658</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,832</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,056</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Non-cash lease expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,002</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,241</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">16,489</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,895</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Allowance for credit losses</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,668</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,660</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">12,602</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Amortization of advisor loans</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,855</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,246</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">16,677</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">15,666</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Contingent consideration (note 6)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">11,469</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">22</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,505</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,447</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,616</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">821</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,176</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,962</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">(Increase) decrease in accounts receivable, prepaid expenses and other assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(60,389</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,867</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(139,622</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">80,722</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase in accounts payable, accrued expenses and other liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">73,779</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">93,998</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">75,558</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">59,744</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase (decrease) in accrued compensation</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">75,911</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">34,890</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">74,234</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(146,371</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(10,472</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(15,684</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Proceeds from sale of mortgage loans</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">374,458</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">391,155</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,969,488</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">481,134</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Origination of mortgage loans</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(461,783</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(539,103</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,858,983</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(626,202</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase (decrease) in warehouse credit facilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">97,339</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">156,629</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(65,113</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">156,366</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Sale proceeds (repurchases) from AR Facility, net (note 11)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">11,629</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(2,005</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,521</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(14,290</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by operating activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">192,524</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">197,203</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">211,072</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">104,250</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisitions of businesses, net of cash acquired (note 4)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(590</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(66,975</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,797</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(203,916</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchases of fixed assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(11,847</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(10,501</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(44,450</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(29,530</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Advisor loans issued</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(12,625</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(2,166</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(29,833</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(8,778</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchase of held for sale real estate assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(10,101</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(45,918</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(10,101</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(45,918</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Proceeds from sale of held for sale real estate assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">94,222</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Collections of AR facility deferred purchase price (note 11)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">11,563</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">11,673</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">34,295</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">38,132</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other investing activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,522</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">222</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,103</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">7,638</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash used in investing activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(25,122</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(113,665</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(59,989</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(148,150</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase in long-term debt</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">144,210</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">172,378</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">588,633</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">526,534</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Repayment of long-term debt</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(299,140</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(179,395</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(673,630</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(508,407</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Issuance of convertible notes (note 9)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">230,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchases of non-controlling interests' subsidiary shares, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,658</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,417</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(20,182</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(18,978</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(332</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,918</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(11,075</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Proceeds received on exercise of stock options</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,405</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,129</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,787</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">7,587</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Dividends paid to common shareholders</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(2,200</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,999</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,209</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(3,991</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions paid to non-controlling interests</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,270</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(7,076</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(43,498</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(29,062</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Financing fees paid (note 9)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(165</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(146</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(165</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(7,499</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash (used in) provided by financing activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(161,502</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(8,024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(144,182</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">185,109</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Effect of exchange rate changes on cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,996</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,981</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,963</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(8,469</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  </TABLE>


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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">ended September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">ended September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net change in cash, cash equivalents and restricted cash</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,904</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">81,495</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,938</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">132,740</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash, beginning of period</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">177,567</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">166,238</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">177,533</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">114,993</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash, end of period</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">179,471</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">247,733</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">179,471</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">247,733</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 0.5in"><B>1.</B></TD>
  <TD><B>Description of the business</B></TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Colliers International Group Inc. (&ldquo;Colliers&rdquo;
or the &ldquo;Company&rdquo;) provides commercial real estate professional services and investment management to corporate and institutional
clients in 36 countries around the world (65 countries including affiliates and franchisees). Colliers&rsquo; primary service lines are
Outsourcing &amp; Advisory, Investment Management, Leasing and, Capital Markets. Operationally, Colliers is organized into four distinct
segments: Americas; Europe, Middle East and Africa (&ldquo;EMEA&rdquo;); Asia and Australasia (&ldquo;Asia Pacific&rdquo;) and Investment
Management.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>2.</B></TD>
    <TD><B>Summary of presentation</B></TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">These unaudited Interim Consolidated Financial
Statements (the &ldquo;Financial Statements&rdquo;) have been prepared by the Company in accordance with disclosure requirements for the
presentation of interim financial information. Certain information and footnote disclosures normally included in annual financial statements
prepared in accordance with generally accepted accounting principles (&ldquo;GAAP&rdquo;) in the United States of America have been condensed
or omitted in accordance with such disclosure requirements, although management believes that the disclosures are adequate to make the
information not misleading. These Financial Statements should be read in conjunction with the audited consolidated financial statements
of Colliers for the year ended December 31, 2020.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Company received $318 of wage subsidies from
governments in several countries around the world during the three-month period ended September 30, 2021 (2020 - $13,640) (nine-month
period ended September 30, 2021 - $5,326 (2020 - $23,874)). In the three-month period ending September 30, 2021, $127 of the wage subsidies
were recorded as reduction to cost of revenues (2020 - $9,568) and $191 were recorded as a reduction to selling, general and administrative
expenses (2020 - $4,072) in the Consolidated Statements of Earnings. In the nine-month period ending September 30, 2021, $3,569 of the
wage subsidies were recorded as reduction to cost of revenues (2020 - $17,539) and $1,757 were recorded as a reduction to selling, general
and administrative expenses (2020 - $6,335) in the Consolidated Statements of Earnings.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>3.</B></TD>
    <TD><B>Impact of recently issued accounting standards</B></TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In December 2019, the FASB issued ASU No. 2019-12,
<I>Income Taxes (Topic 740): Simplifying the Accounting of Income Taxes</I> to simplify the accounting for income taxes. The guidance
eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in
an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity
method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for enacted changes in tax laws or rates,
and clarifies the accounting for transactions that result in step-up in tax basis of goodwill. The Company adopted the guidance effective
January 1, 2021. The Company&rsquo;s processes and disclosures have been updated to incorporate the new standard. The adoption of the
standard did not have a material impact on the Company&rsquo;s Financial Statements.</P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 Financial Statements and disclosures.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>4.</B></TD>
    <TD><B>Acquisitions</B></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">During the nine months ended
September 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 $4,797 in cash (net of cash acquired of $387) plus a contingent
consideration liability of $2,269. The Company acquired $543 of net assets, excluding cash, and recognized goodwill of $3,284 and intangible
assets of $3,239 in its purchase price allocation.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">During the nine months ended
September 30, 2020, the Company acquired controlling interests in two Colliers International affiliates operating in the Americas segment
(Austin, Texas and Nashville, Tennessee), Colliers Mortgage, headquartered in Minneapolis, and Colliers Engineering &amp; Design, headquartered
in New Jersey. Cash consideration totaled $203,916 (net of cash acquired of $50,331).</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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 September 30, 2021 was $149,565 (December 31, 2020 - $115,643). See note 18 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 September 30, 2021 was $11,743 (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 $174,840 to a maximum of $196,072.
These contingencies will expire during the period extending to June 2026.</P>

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

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

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>5.</B></TD>
    <TD><B>Real estate assets held for sale</B></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">From time to time, the Company&rsquo;s Investment
Management segment purchases real estate assets for placement into a fund. This typically occurs in the early stages of fundraising where
temporary liquidity is needed to fund investment opportunities that arise prior to the availability of fund capital. The purchase assets
are recorded as real estate assets held for sale prior to the ultimate sale to the identified fund. The assets are typically held for
a short period of time not expected to exceed twelve months. The transactions are not intended as an alternative source of operating earnings
and the arrangements to sell the assets to a fund are generally structured not to generate any gain or loss. The purchases are accounted
for by the acquisition method of accounting for asset purchases that do not constitute the acquisition of a business.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In July 2021, the Company acquired a controlling
interest in a portfolio of land and buildings located in the United Kingdom and associated liabilities from an unrelated party (the &ldquo;Portfolio&rdquo;).
The Company expects to sell the Portfolio to a newly established closed-end fund which is managed by the Company, without gain or loss,
during the fourth quarter of 2021.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">During the nine months ended September 31, 2021,
the effect on net earnings related to real estate assets held for sale was nil (2020 - $2,427).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The following table summarizes the real estate
assets and associated liabilities held for sale.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">September 30,</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Real estate assets held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Real estate assets held for sale - non-current</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">31,076</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total real estate assets held for sale</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">31,076</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Liabilities related to real estate assets held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Liabilities related to real estate assets held for sale - non-current</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,975</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total liabilities related to real estate assets held for sale</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,975</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Net real estate assets held for sale</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,101</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>6.</B></TD>
    <TD><B>Acquisition-related items</B></TD></TR>
  </TABLE>

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; color: #4A4A4D; text-align: left">Transaction costs</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,762</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">4,942</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9,268</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">12,945</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent consideration fair value adjustments (notes 4, 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9,854</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(1,504</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">36,077</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,356</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Contingent consideration compensation expense (note 4)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,615</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,527</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,428</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,910</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,231</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,965</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,773</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">11,499</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>7.</B></TD>
    <TD><B>Intangible assets</B></TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">September 30, 2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Gross</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>carrying</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Accumulated</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>amount</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>amortization</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Net</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23,878</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,878</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">53,078</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">53,078</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">340,290</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">145,209</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">195,081</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">270,600</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">78,939</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">191,661</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">138,939</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">33,794</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,145</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,300</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,181</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">119</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,715</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7,042</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,673</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Management contracts and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">21,252</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">14,047</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,205</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">791,096</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">284,212</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">506,884</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">844,174</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">284,212</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">559,962</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Gross</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">December 31, 2020</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>carrying</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Accumulated</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>amount</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>amortization</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Net</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">24,096</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,096</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">53,296</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">53,296</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">345,511</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">123,368</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">222,143</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">270,600</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">60,723</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">209,877</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">114,909</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,121</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">101,788</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,630</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,322</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">308</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,803</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,355</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,448</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,813</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,406</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,407</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Backlog</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">16,307</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">12,244</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,063</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">788,573</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">231,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">557,034</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">841,869</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">231,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">610,330</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; 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 nine-month period ended September 30, 2021.</P>

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

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D"></P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D"></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">101,788</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Additions, following the sale of loan</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,031</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(11,943</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepayments and write-offs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,731</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, September 30</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,145</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">For the year ended December 31,</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>MSRs</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Other Intangibles</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Total</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 55%; font-size: 10pt; color: #4A4A4D">2021 (remaining three months)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">3,708</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">16,452</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,160</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2022</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,468</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">61,628</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">75,096</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2023</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,286</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">58,043</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">70,329</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2024</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,319</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,145</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">61,464</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2025</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10,299</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">41,413</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">51,712</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2026</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9,414</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">37,701</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">47,115</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Thereafter</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">44,651</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">136,357</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">181,008</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">105,145</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">401,739</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">506,884</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>8.</B></TD>
    <TD><B>Long-term debt</B></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Company has a multi-currency senior unsecured
revolving credit facility (the &ldquo;Revolving Credit Facility&rdquo;) of $1,000,000. The Revolving Credit Facility has a 5-year term
ending April 30, 2024 and bears interest at an applicable margin of 1.25% to 3.0% over floating reference rates, depending on financial
leverage ratios. The weighted average interest rate at September 30, 2021 was 3.5% (2020 &ndash; 3.0%). The Revolving Credit Facility
had $858,819 of available undrawn credit as at September 30, 2021 ($777,322 as at December 31, 2020). As of September 30, 2021, letters
of credit in the amount of $18,555 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-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Revolving Credit Facility and the Senior
Notes due 2028 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 September 30, 2021. The Company
is limited from undertaking certain mergers, acquisitions and dispositions without prior approval.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>9.</B></TD>
    <TD><B>Convertible notes</B></TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In May 2020, the Company issued $230,000 aggregate
principal of 4.0% Convertible Senior Subordinated Notes (the &ldquo;Convertible Notes&rdquo;) at par value. The Convertible Notes will
mature on June 1, 2025 and bear interest of 4.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning
on December 1, 2020. The Convertible Notes are accounted for entirely as debt as no portion of the proceeds is required to be accounted
for as attributable to the conversion feature. The Convertible Notes are unsecured and subordinated to all of the Company&rsquo;s existing
and future secured indebtedness, and are treated as equity for financial leverage calculations under the Company&rsquo;s Revolving Credit
Facility and Senior Notes.</P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">At the holder&rsquo;s option, the Convertible
Notes may be converted at any time prior to maturity into Subordinate Voting Shares based on an initial conversion rate of approximately
17.2507 Subordinate Voting Shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of $57.97
per Subordinate Voting Share.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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 September 30, 2021, there was $317 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>10.</B></TD>
    <TD><B>Warehouse credit facilities</B></TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Current</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Carrying</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; font-size: 10pt; color: #4A4A4D; text-align: left">Facility A - LIBOR plus 1.60%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; color: #4A4A4D; text-align: center">October 19, 2022</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">175,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,976</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">275,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">167,004</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Facility B - SOFR plus 1.70%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: center">On demand</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,958</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">125,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">51,014</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Facility C - LIBOR plus 1.60%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: center; border-bottom: Black 1pt solid">April 27, 2022</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">150,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">106,971</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">450,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">152,905</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">400,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">218,018</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Colliers Mortgage LLC (&ldquo;Colliers Mortgage&rdquo;)
has warehouse credit facilities which are used exclusively for the purpose of funding warehouse mortgages receivable. The warehouse credit
facilities are recourse only to Colliers Mortgage, are revolving and are secured by warehouse mortgages financed on the facilities, if
any.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On January 11, 2021 Colliers Mortgage entered
into an amendment to the financing agreement for Facility A modifying the borrowing capacity to $175,000 and extending the maturity date
to October 20, 2021. On October 20, 2021 Colliers Mortgage entered an amendment to reduce the borrowing capacity to $125,000 and to extend
the maturity date to October 19, 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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. The borrowing capacity temporarily increased to $225,000 effective from October 28, 2021 through
December 27, 2021.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>11.</B></TD>
    <TD><B>AR Facility</B></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In April 2019, the Company initially established
a structured accounts receivable facility (the &ldquo;AR Facility&rdquo;). 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 subsequently renewed the term of
the AR Facility in April 2020 and in April 2021. Each renewal extended the term of the AR Facility for an additional 364 days.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Under the AR Facility, certain of the Company's
subsidiaries continuously sell trade accounts receivable and contract assets (the &ldquo;Receivables&rdquo;) to wholly owned special purpose
entities at fair market value. The special purpose entities then sell 100% of the Receivables to a third-party financial institution (the
&ldquo;Purchaser&rdquo;). Although the special purpose entities are wholly owned subsidiaries of the 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 September 30, 2021, the Company had drawn $120,940 under the AR Facility.</P>

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

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.3pt 0pt 0.5in; 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> (&ldquo;ASC 860&rdquo;). Following the sale and
transfer of the Receivables to the Purchaser, the Receivables are legally isolated from the Company and its subsidiaries, and the Company
sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the Receivables. 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 September 30, 2021, the servicing liability was nil.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.3pt 0pt 0.5in; color: #4A4A4D">Under the AR Facility, the Company receives
a cash payment and a deferred purchase price (&ldquo;Deferred Purchase Price&rdquo; or &ldquo;DPP&rdquo;) for sold Receivables. The DPP
is paid to the Company in cash on behalf of the Purchaser as the Receivables are collected; however, due to the revolving nature of the
AR Facility, cash collected from the Company's customers is reinvested by the Purchaser monthly in new Receivable purchases under the
AR Facility. For the nine months ending September 30, 2021, Receivables sold under the AR Facility were $1,082,601 and cash collections
from customers on Receivables sold were $1,057,579, 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 September 30, 2021, the outstanding principal on trade
accounts receivable, net of Allowance for Doubtful Accounts, sold under the AR Facility was $129,745; and the outstanding principal on
contract assets, current and non-current, sold under the AR Facility was $85,100. See note 18 for fair value information on the DPP.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">For the nine months ended September 30, 2021,
the Company recognized a loss related to Receivables sold of $98 (2020 - $113 loss) that was recorded in other expense in the consolidated
statement of earnings. Based on the Company&rsquo;s collection history, the fair value of the Receivables sold subsequent to the initial
sale approximates carrying value.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The non-cash investing activities associated
with the DPP for the nine months ended September 30, 2021 were $39,617.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>12.</B></TD>
    <TD><B>Variable interest entities</B></TD></TR>
  </TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>September 30,</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>December 31,</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D">Investments</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9,565</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">6,158</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Co-investment commitments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,871</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">14,345</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Maximum exposure to loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">37,436</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">20,503</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --> of 24</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>13.</B></TD>
    <TD><B>Redeemable non-controlling interests</B></TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The minority equity positions in the Company&rsquo;s
subsidiaries are referred to as redeemable non-controlling interests (&ldquo;RNCI&rdquo;). The RNCI are considered to be redeemable securities.
Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date
of inception of the minority equity position. This amount is recorded in the &ldquo;mezzanine&rdquo; section of the balance sheet, outside
of shareholders&rsquo; equity. Changes in the RNCI amount are recognized immediately as they occur. The following table provides a reconciliation
of the beginning and ending RNCI amounts:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">442,375</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">RNCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">31,312</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">RNCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">63,180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions paid to RNCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(42,847</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Purchase of interests from RNCI, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(19,405</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, September 30</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">474,615</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Company has shareholders&rsquo; agreements
in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to &ldquo;call&rdquo; the RNCI at a price determined
with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest,
depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to &ldquo;put&rdquo; their
equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and
may be paid in cash or in Subordinate Voting Shares. The redemption amount as of September 30, 2021 was $444,714 (December 31, 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 September 30, 2021, approximately 3,300,000 such shares would be issued.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>14.</B></TD>
    <TD><B>Net earnings per common share</B></TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Common shares are defined as the aggregate of
Multiple Voting Shares and Subordinate Voting Shares outstanding.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The earnings per share calculation cannot be
anti-dilutive, therefore diluted shares is not used in the denominator when the numerator is in a loss position.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Diluted EPS is calculated using the &ldquo;if-converted&rdquo;
method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest
(net of income tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible
Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no
assumption of conversion. The &ldquo;if-converted&rdquo; method is used if the impact of the assumed conversion is dilutive. The &ldquo;if-converted&rdquo;
method is anti-dilutive for the three-month and nine-month periods ended September 30, 2021 and the nine-month period ended September
30, 2020. The &ldquo;if-converted method is dilutive for the three-month period ended September 30, 2020.</P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">(in thousands)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss) attributable to Company</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,004</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">21,167</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(433,626</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">15,443</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">After-tax interest on Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,701</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted numerator under the If-Converted Method</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,004</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">22,868</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(433,626</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">15,443</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Weighted average common shares - Basic</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,003</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,027</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42,543</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">39,944</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Exercise of stock options</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">751</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">186</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">192</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Conversion of Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,968</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Weighted average common shares - Diluted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,754</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">44,181</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42,543</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">40,136</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>15.</B></TD>
    <TD><B>Stock-based compensation</B></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; 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 September 30, 2021, there were 1,304,800 options available for future grants.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">There were 50,000 stock options granted during
the nine months ended September 30, 2021 (2020 - 60,000). Stock option activity for the nine months ended September 30, 2021 was as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Weighted average</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Weighted</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>remaining</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Aggregate</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Number of</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>average</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>contractual life</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>intrinsic</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>options</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>exercise price</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>(years)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>value</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Shares issuable under options -</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 48%; font-size: 10pt; color: #4A4A4D">December 31, 2020</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">2,190,125</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">69.22</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Granted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">114.40</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(266,100</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">48.05</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Forfeited</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(2,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">85.82</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Shares issuable under options -</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">September 30, 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,971,725</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">73.20</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2.7</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">107,474</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Options exercisable - September 30,2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">772,250</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">64.74</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.8</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">58,861</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The amount of compensation expense recorded in
the statement of earnings for the nine months ended September 30, 2021 was $8,180 (2020 - $6,056). As of September 30, 2021, there was
$12,804 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. During
the nine-month period ended September 30, 2021, the fair value of options vested was $4,999 (2020 - $4,978).</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>16.</B></TD>
    <TD><B>Long-term incentive arrangement</B></TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On April 16, 2021, the Company
settled the Management Services Agreement (the &ldquo;MSA&rdquo;), including the Long Term Incentive Arrangement (the &ldquo;LTIA&rdquo;),
originally entered into on February 1, 2004 between the Company, Jay S. Hennick (the Company&rsquo;s Chairman &amp; Chief Executive Officer)
and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick (the &ldquo;Transaction&rdquo;). In addition, the Transaction
established an orderly timeline for the elimination of the Company&rsquo;s dual class voting structure by no later than September 1, 2028.
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&rsquo;s Consolidated
Statements of Earnings. The net cash impact was included in operating activities in the Company&rsquo;s Consolidated Statements of Cash
Flows.</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>17.</B></TD>
    <TD><B>Income tax</B></TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The provision for income tax
for the nine months ended September 30, 2021 reflected an effective tax rate of -16.8% (2020 &ndash; 29.8%) relative to the combined statutory
rate of approximately 26.5% (2020 &ndash; 26.5%). The current year&rsquo;s rate was impacted by the settlement of the LTIA (see note 16).
The settlement and its related costs are not tax deductible. The prior year&rsquo;s rate was impacted by the reversal of a $2,030 tax
benefit related to a cross-border financing structure pursuant to a change in tax law applied retroactively to 2019.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>18.</B></TD>
    <TD><B>Financial instruments</B></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The following table provides the financial assets
and liabilities carried at fair value measured on a recurring basis as of September 30, 2021:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Carrying value at</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Fair value measurements</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>September 30, 2021</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Level 1</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Level 2</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Level 3</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; color: #4A4A4A; text-align: left">Cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4A; text-align: right">4,636</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4A; text-align: right">4,636</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">Equity securities</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">6,290</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">6,226</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">64</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">Debt securities</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">11,874</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">11,874</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">Mortgage derivative assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">11,332</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">11,332</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">Warehouse receivables</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">161,939</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">161,939</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Deferred Purchase Price on AR Facility</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">93,279</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">93,279</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">289,350</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">10,862</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">185,209</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">93,279</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">Mortgage derivative liability</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">4,540</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">4,540</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">Interest rate swap liability</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">4,574</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">4,574</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Contingent consideration liability</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">149,565</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">149,565</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">158,679</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">9,114</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">149,565</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Company records financial
instruments and other inventory positions owned at fair value on the Consolidated Balance Sheets. These financial instruments are valued
based on observable market data that may include quoted market prices dealer quotes, market spreads, cash flows, the U.S. treasury yield
curve, trading levels, market consensus prepayment speeds, credit information and the instruments&rsquo; terms and conditions and are
classified as Level 2 of the fair value hierarchy.</P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D"></P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The fair value of interest rate lock commitments
and forward sale commitments are derivatives and considered Level 2 valuations. Fair value measurements for both interest rate lock commitments
and forward sales commitment consider observable market data, particularly changes in interest rates. In the case of interest rate lock
commitments, the fair value measurement also considers the expected net cash flows associated with the servicing of the loans or the fair
value of MSRs. However, the Company has evaluated the impact of the fair value of the MSRs on the fair value of the derivatives and they
do not have a significant impact on the derivative fair values. The Company also considers the impact of counterparty non-performance
risk when measuring the fair value of these derivatives. Given the credit quality of the Company&rsquo;s counterparties, the short duration
of interest rate lock commitments and forward sales contracts and the Company&rsquo;s historical experience, the risk of nonperformance
by the counterparties does not have a significant impact on the determination of fair value.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">As at September 30, 2021, all
of the Company&rsquo;s mortgage warehouse receivables were under commitment to be purchased by a GSE or by a qualifying investor. These
assets are classified as Level 2 in the fair value hierarchy as a substantial majority of the inputs are readily observable.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D"><B>AR Facility deferred purchase price (&ldquo;DPP&rdquo;)</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Company recorded a DPP under its AR Facility.
The DPP represents the difference between the fair value of the Receivables sold and the cash purchase price and is recognized at fair
value as part of the sale transaction. The DPP is remeasured each reporting period in order to account for activity during the period,
including the seller&rsquo;s interest in any newly transferred Receivables, collections on previously transferred Receivables attributable
to the DPP and changes in estimates for credit losses. Changes in the DPP attributed to changes in estimates for credit losses are expected
to be immaterial, as the underlying Receivables are short-term and of high credit quality. The DPP is valued using Level 3 inputs, primarily
discounted cash flows, with the significant inputs being discount rates ranging from 2.5% to 5.0% depending upon the aging of the Receivables.
See note 11 for information on the AR Facility.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">87,957</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Additions to DPP</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,178</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Collections on DPP</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(34,295</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Fair value adjustment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(98</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Foreign exchange and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,463</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, September 30</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">93,279</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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. 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 maturities of January 18, 2022 and April 30, 2023, respectively. The interest rate swaps are measured at fair value on
the consolidated balance sheets.</P>

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

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

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">At the inception of the interest rate swaps,
the Company designated each swap as a cash flow hedge. From inception until June 30, 2021, each of the swaps were determined to be effective
with changes in the fair value recognized to accumulated other comprehensive earnings / (loss).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On July 1, 2021, the Company dedesignated both
hedging relationships. Gains or losses related to changes in the fair value of the swaps after July 1, 2021 are reported in interest expense
on the Consolidated Statements of Earnings.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">As at June 30, 2021, $5,595 of cumulative losses
were reported in accumulated other comprehensive earnings / (loss). This accumulated other comprehensive loss will be recognized to interest
expense commensurate with when the forecasted cash flows originally designated as a hedge affect earnings, or earlier if it is probable
these forecasted cash flows will not occur. In the three months ended September 30, 2021, $1,627 of the accumulated other comprehensive
loss was included in interest expense on the Consolidated Statements of Earnings.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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 8.8%, with a weighted average of 4.3%). 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 $2,400.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">115,643</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amounts recognized on acquisitions</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,269</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Fair value adjustments (note 6)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">36,077</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Resolved and settled in cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,181</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(243</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, September 30</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">149,565</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Less: current portion</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,780</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current portion</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">52,785</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The carrying amounts for cash,
restricted cash, accounts receivable, accounts payable, advisor loans, other receivables and accrued liabilities approximate their estimated
fair values due to the short-term nature of these instruments, unless otherwise indicated. The carrying value of the Company&rsquo;s Revolving
Credit Facility and other short-term borrowings approximate their estimated fair value due to their short-term nature and variable interest
rate terms. The inputs to the measurement of the fair value of non-current receivables, advisor loans and long-term debt are Level 3 inputs.
The fair value measurements were made using a net present value approach; significant model inputs were expected future cash outflows
and discount rates.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Carrying</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Fair</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Carrying</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Fair</B></FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>amount</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>value</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>amount</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>value</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; color: #4A4A4D; text-align: left">Senior Notes</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">242,221</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">263,325</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">255,790</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">275,928</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">224,895</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">506,753</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">223,957</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">353,638</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>19.</B></TD>
    <TD><B>Commitments and Contingencies</B></TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; color: #4A4A4D"><I>Purchase commitments</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In September 2021, the Company
entered into an agreement to acquire a controlling interest in Bergmann Associates, Architects, Engineers, Landscape Architects &amp;
Surveyors, D.P.C. (&ldquo;Bergmann&rdquo;). The Company entered into agreements to acquire controlling interests in Antirion SGR S.p.A.
and the Colliers Italy affiliate (which collectively consists of Colliers International Italia S.p.A., Colliers Real Estate Services Italia
S.R.L. and Colliers Real Estate Management Services S.R.L.) in October 2021. It is expected that the acquisitions will be accounted for
using the acquisition method of accounting for business combinations. The transactions are expected to close by early 2022, subject to
applicable closing conditions including regulatory approval and closing adjustments, for an aggregate cash purchase price of $122,600.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In the normal course of operations, the Company
is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company
includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes
resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company&rsquo;s financial condition
or the results of operations.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; 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 18 the Company accounts for these commitments as derivatives
recorded at fair value.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; 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 September 30, 2021, the Company has funded and sold loans subject
to such loss sharing obligations with an aggregate unpaid principal balance of approximately $4,215,000. As at September 30, 2021, the
Loss Reserve was $15,870 (December 31, 2020 - $15,194) and was included within Other liabilities on the Consolidated Balance Sheets.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Pursuant to its licenses with
Fannie Mae, Ginnie Mae and HUD, Colliers Mortgage is required to maintain certain standards for capital adequacy which include minimum
net worth and liquidity requirements. If it is determined at any time that Colliers Mortgage fails to maintain appropriate capital adequacy,
the licensor reserves the right to terminate the Company&rsquo;s servicing authority for all or some of the portfolio. At September 30,
2021, Colliers Mortgage was in compliance with all such requirements.</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>20.</B></TD>
    <TD><B>Revenue</B></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; font-weight: bold">OPERATING SEGMENT REVENUES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Asia</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Investment</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Americas</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">EMEA</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Pacific</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Mgmt</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Corporate</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Consolidated</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #0C9ED9">Three months ended September 30,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 28%; font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-left: 10pt">Leasing</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">174,998</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">34,716</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">33,176</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">242,890</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">213,412</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,384</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">56,852</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">310,648</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">157,051</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,578</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">55,400</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">262,029</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">52,501</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,006</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,126</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">104,640</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">59,672</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">59,684</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Incentive Fees</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,591</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,591</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-left: 10pt">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">19,124</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,253</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,749</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">148</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,274</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Total Revenue</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">617,098</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">154,937</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">172,303</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">78,263</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">155</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,022,756</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Leasing</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">129,804</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">23,241</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">16,611</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">32</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">169,688</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">110,191</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">27,552</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">27,820</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">165,563</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">133,004</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,057</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">49,279</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">222,340</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">38,663</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">25,227</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,954</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">78,844</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">39,774</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">39,774</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Incentive Fees</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,930</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,930</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">10,975</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,273</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,813</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">107</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">14,168</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">Total Revenue</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">422,637</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">117,350</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">110,477</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">41,704</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">139</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">692,307</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #0C9ED9">Nine months ended September 30,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-left: 10pt">Leasing</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">489,183</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">94,187</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">80,437</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">663,807</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">531,735</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">122,913</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">132,110</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">786,758</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">462,218</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">131,896</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">168,136</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">762,250</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">143,893</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">87,019</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">63,486</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">294,405</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">154,776</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">154,788</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Incentive Fees</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,591</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,591</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-left: 10pt">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">48,603</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,606</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,403</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">453</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">63,065</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Total Revenue</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,675,644</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">439,621</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">454,572</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">173,367</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">460</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,743,664</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Leasing</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">360,585</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">64,183</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">46,166</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">32</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">470,966</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">276,047</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">82,533</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">64,991</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">423,571</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">326,928</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">117,096</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">145,055</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">589,079</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">113,508</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">66,853</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,640</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">225,001</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">124,728</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">124,728</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Incentive Fees</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,190</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,190</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">24,444</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,381</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">7,164</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">617</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">35,606</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">Total Revenue</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">1,101,512</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">334,046</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">308,016</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">128,918</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">649</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">1,873,141</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Revenue associated with the Company&rsquo;s debt
finance and loan servicing operations are outside the scope of ASC 606, <I>Revenue from Contracts with Customers</I> (&ldquo;ASC 606&rdquo;).
In the three months and nine months ended September 30, 2021, $35,752 and $99,479 of revenue, respectively, was excluded from the scope
of ASC 606 (2020 - $29,490 and $34,608). These revenues were included entirely within the Americas segment within Capital Markets and
Other revenue.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">As at September 30, 2021, the Company had contract
assets totaling $67,876 of which $60,473 was current ($66,436 as at December 31, 2020 - of which $61,101 was current). During the nine
months ended September 30, 2021, approximately 87% of the current contract assets were moved to accounts receivable or sold under the
AR Facility (Note 11).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">As at September 30, 2021, the Company had contract
liabilities (all current) totaling $31,012 ($21,076 as at December 31, 2020). Revenue recognized for the nine months ended September 30,
2021 totaled $18,426 (2020 - $21,116) that was included in the contract liability balance at the beginning of the year.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>21.</B></TD>
    <TD><B>Segmented information</B></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Colliers has identified four reportable operating
segments. Three segments are grouped geographically into Americas, Asia Pacific and EMEA. The Investment Management segment operates in
the Americas and EMEA. The groupings are based on the manner in which the segments are managed. Management assesses each segment&rsquo;s
performance based on operating earnings or operating earnings before depreciation and amortization. Corporate includes the costs of global
administrative functions and the corporate head office and, for the nine month period ended September 30, 2021, also the settlement of
the LTIA (see note 16).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; font-weight: bold">OPERATING SEGMENTS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Asia</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Investment</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Americas</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">EMEA</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Pacific</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Mgmt</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Corporate</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Consolidated</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #0C9ED9">Three months ended September 30</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; width: 28%; font-size: 10pt; color: #4A4A4D; font-weight: bold">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">617,098</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">154,937</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">172,303</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">78,263</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">155</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,022,756</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,843</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,579</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,345</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,825</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">996</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">34,588</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">48,879</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">11,399</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,342</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">19,812</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(22,466</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">75,966</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">422,637</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">117,350</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">110,477</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">41,704</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">139</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">692,307</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,710</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,486</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,563</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7,330</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,192</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,281</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,412</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(1,353</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,548</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7,921</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,454</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,074</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Asia</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Investment</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Americas</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">EMEA</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Pacific</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Mgmt</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Corporate</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Consolidated</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #0C9ED9">Nine months ended September 30</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; width: 28%; font-size: 10pt; color: #4A4A4D; font-weight: bold">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,675,644</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">439,621</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">454,572</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">173,367</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">460</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,743,664</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">58,300</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">17,035</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,395</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,340</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,869</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">106,939</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">154,970</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,703</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">46,742</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,900</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(540,170</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(269,855</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,101,512</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">334,046</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">308,016</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">128,918</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">649</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,873,141</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,128</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">16,146</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10,680</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,650</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,507</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">87,111</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">66,537</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(18,071</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,867</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">30,347</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(8,545</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">85,135</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">GEOGRAPHIC INFORMATION</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">United States</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">570,886</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">385,433</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,488,827</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">973,995</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,401,401</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,387,430</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Canada</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,331</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">67,658</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">309,356</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">212,203</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">80,217</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">81,827</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Euro currency countries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">82,176</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">61,532</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">225,956</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">180,793</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">278,103</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">299,202</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Australia</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">83,724</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">47,073</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">209,687</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">124,866</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">73,929</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">81,077</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">United Kingdom</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">37,696</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">32,749</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">115,789</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">92,420</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">71,440</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">77,446</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">142,943</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">97,862</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">394,049</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">288,864</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">180,519</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">176,938</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Consolidated</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,022,756</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">692,307</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,743,664</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,873,141</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,085,609</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,103,920</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>22.</B></TD>
    <TD><B>Subsequent events</B></TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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 due 2031&rdquo;), consisting
of $150,000 of 3.02% and &euro;125,000 of 1.52% Notes due 2031. The Senior Notes due 2031 were placed privately and rank equally with
Colliers&rsquo; senior unsecured revolving credit facility and existing senior unsecured Senior Notes due 2028. The proceeds of the issuances
were drawn on October 7, 2021.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On November 1, 2021, the Company finalized its
agreement to acquire a controlling interest in Bergmann (see note 19).</P>
<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

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<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #4A4A4D">For the nine months ended September 30, 2021</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">November 5, 2021</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 nine months ended September 30, 2021 and up to and including November 5, 2021.</I></P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Our consolidated revenues for the third quarter ended September
30, 2021 were $1.02 billion, an increase of 48% versus the prior year period (46% in local currency). The increase was driven by strong
performance in all services lines, particularly Capital Markets and Investment Management, versus prior year quarter results which were
impacted by the COVID-19 pandemic. Third quarter diluted earnings per share were $0.40 versus $0.52 in the prior year quarter. The decrease
was driven by (i) higher non-controlling interest share of earnings with greater proportion of earnings coming from non-wholly owned operations;
(ii) higher non- controlling interest redemption increment on strong performance in certain non-wholly owned operations; and (iii) the
dilutive impact of the settlement of the Long-Term Incentive Arrangement (&ldquo;LTIA&rdquo;) (see below). Adjusted earnings per share,
which exclude restructuring costs, non-controlling interest redemption increment and amortization of intangible assets (see &ldquo;Reconciliation
of non-GAAP financial measures&rdquo; below) were $1.27, up 18% from $1.08 in the prior year period. GAAP net earnings per share and adjusted
net earnings per share for the quarter ended September 30, 2021 would have been approximately $0.03 and $0.02 lower, respectively, excluding
the impact of changes in foreign exchange rates.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">On November 1, 2021, the Company completed its previously
announced acquisition of Bergmann Associates, Architects, Engineers, Landscape Architects &amp; Surveyors, D.P.C. (&ldquo;Bergmann&rdquo;),
a leading engineering, architecture and design services firm located in the US Northeast, Midwest and Mid-Atlantic regions. Bergmann will
rebrand as part of Colliers Engineering &amp; Design by the second half of 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In October 2021, the Company entered into agreements to
acquire controlling interests in Antirion SGR S.p.A. (&ldquo;Antirion&rdquo;), one of the largest real estate investment management firms
in Italy with assets under management of more than $4 billion, and the Colliers Italy affiliate (which collectively consists of Colliers
International Italia S.p.A., Colliers Real Estate Services Italia S.R.L. and Colliers Real Estate Management Services S.R.L.). The transactions
are expected to close by the end of first quarter of 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In October 2021, we announced our &lsquo;Elevate the Built
Environment&rsquo; strategic framework designed to embed environment, social and governance (&ldquo;ESG&rdquo;) best practices across
the organization. In addition, we committed to setting a science-based target through the Science-Based Targets initiative&rsquo;s (SBTi)
Business Ambition for 1.5&deg;C program as well as achieving Net Zero for our own operations by 2030.</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">For the three and nine-month periods ended September 30,
2021, local currency revenue growth was driven by strength across all service lines, particularly Capital Markets and Leasing which have
rebounded strongly relative to the pandemic-impacted prior year period and the positive impact of recent acquisitions.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Three months ended</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Nine months ended</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><I>(in thousands of US$)</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">September 30</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Change</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Change</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">September 30</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Change</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><I>(LC = local currency)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">2020</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">in US$ %</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">in LC%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; background-color: #F3F3F3; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">2020</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">in US$ %</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">in LC%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 27%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Outsourcing &amp; Advisory</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>390,943</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">315,352</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">24%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">22%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>1,119,720</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">849,686</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">32%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">27%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Investment Management</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>78,275</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">41,704</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">88%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">87%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>173,379</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">128,918</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">34%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">34%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Leasing</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>242,890</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">169,688</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">43%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">41%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>663,807</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">470,966</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">41%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">37%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Capital Markets</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4A4A4D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4A4A4D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>310,648</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4A4A4D 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4A4A4D 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">165,563</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">88%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">85%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4A4A4D 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4A4A4D 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>786,758</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4A4A4D 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #4A4A4D 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">423,571</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">86%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">79%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Total revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>1,022,756</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">692,307</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">46%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>2,743,664</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">1,873,141</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">46%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">42%</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">For the quarter ended September 30, 2021, revenues were
$1.02 billion, 48% higher than the comparable prior year quarter (46% in local currency). Internally generated revenues were up 45%, driven
by strong growth across all service lines, particularly Capital Markets and Investment Management as compared to prior year results which
were impacted by the COVID-19 pandemic. Acquisitions contributed 1% to local currency revenue growth.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Operating earnings for the third quarter were $76.0 million
relative to $52.1 million in the prior year period. Operating earnings margin was 7.4%, roughly flat versus 7.5% in prior year quarter
with operating leverage from higher revenues offset by higher variable and discretionary costs which were reduced during the pandemic.
Adjusted EBITDA (see &ldquo;Reconciliation of non-GAAP financial measures&rdquo; below) was $123.6 million up 34% versus $92.1 million
reported in the prior year quarter. Adjusted EBITDA margin was 12.1% in the quarter as compared to 13.3% in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Depreciation expense was $11.4 million relative to $10.4
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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Amortization expense was $23.1 million, versus $25.9 recorded
in the prior year quarter with the decrease largely attributable to timing of certain acquisitions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Net interest expense was $8.3 million, versus $8.9 million
recorded in the prior year quarter. The average interest rate on debt during the period was 3.6%, relative to 3.1% in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Earnings from equity investments, including other income,
for the third quarter were $1.5 million as compared to $0.5 million in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Consolidated income tax expense for the quarter was $18.8
million, relative to $11.7 million in the prior year quarter. The effective tax rate for the quarter was 27.1%, versus 26.9% in the prior
year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">The net earnings for the quarter were $50.5 million versus
$32.0 million in the prior year comparative quarter.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4A"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Revenues in the Americas region totalled $617.1 million
for the third quarter, up 46% (45% in local currency) versus $422.6 million in the prior year quarter. Revenue growth was primarily driven
by strong Capital Markets activity, especially in the industrial and multi-family asset classes. Outsourcing &amp; Advisory revenues were
also up strongly on robust growth in Engineering &amp; Design, Valuation and Mortgage services. Foreign exchange tailwinds positively
impacted revenue growth by 1%. Adjusted EBITDA was $65.8 million, up 20% from $54.6 million in the prior year quarter. Adjusted EBITDA
growth was impacted by (i) performance-based incentives resulting from strong year-over-year growth in operating results and (ii) higher
discretionary and variable costs relative to significantly reduced costs earlier in the pandemic. GAAP operating earnings were $48.9 million,
relative to $40.4 million in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Revenues in the EMEA region totalled $154.9 million for
the third quarter compared to $117.4 million in the prior year quarter, up 32% (29% in local currency) with strong growth across all service
lines. Foreign exchange tailwinds positively impacted revenue growth by 3%. Adjusted EBITDA was $15.0 million, up 96% from $7.7 million
in the prior year on higher revenues and continuing cost savings from measures implemented during the pandemic. GAAP operating earnings
were $11.4 million versus a loss of $1.4 million in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Revenues in the Asia Pacific region totalled $172.3 million
for the third quarter compared to $110.5 million in the prior year quarter, up 56% (51% in local currency). Revenue growth was robust
across all service lines and geographies, especially in Australia and New Zealand, versus pandemic-impacted prior year quarter results.
Foreign exchange tailwinds positively impacted revenue growth by 5%. Adjusted EBITDA was $20.7 million, up 62% from $12.8 million in the
prior year quarter with the improvement in margin attributable to operating leverage. GAAP operating earnings were $18.3 million, versus
$8.5 million in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Investment Management revenues for the third quarter were
$78.3 million compared to $41.7 million in the prior year quarter, up 88% (87% in local currency). Passthrough revenue from historical
carried interest represented $18.6 million for the third quarter versus $1.9 million in the prior year quarter. Excluding the impact of
carried interest, revenue was up 50% driven by management fee growth from increased assets under management. Adjusted EBITDA was $27.8
million, up 82% from $15.3 million in the prior year quarter. GAAP operating earnings were $19.8 million in the quarter, versus $7.9 million
in the prior year quarter. Assets under management were $46.1 billion on September 30, 2021, up 17% from $39.5 billion on December 31,
2020 and up 27% from $36.2 billion on September 30, 2020.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Unallocated global corporate costs as reported in Adjusted
EBITDA were $5.6 million in the third quarter, relative to earnings of $1.8 million in the prior year quarter, with the change primarily
attributable to performance-based incentive compensation accruals recorded in the current year period. The corporate GAAP operating loss
for the quarter was $22.5 million relative to a loss of $3.5 million in the third 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #4A4A4D">Results of operations &ndash; nine months
ended September 30, 2021</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">For the nine months ended September 30, 2021, revenues
were $2.74 billion, up 46% compared to the prior year period (42% in local currency). Internally generated revenues were up 32% driven
by (i) a rebound in Capital Markets and Leasing activity; (ii) strong growth in Investment Management and Outsourcing &amp; Advisory service
lines; and (iii) the impact of recent acquisitions, versus prior year results which were impacted by the pandemic beginning in March 2020.
Acquisitions contributed 10% to local currency revenue growth versus the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">The operating loss was $269.9 million and included the
impact of the settlement of the LTIA. Excluding the settlement of the LTIA, operating earnings were $202.1 million versus $85.1 million
in the prior year period. The operating earnings margin, excluding the LTIA, was 7.4% versus 4.5% 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 $352.3 million, up 71% versus $206.5 million in the prior
year. Adjusted EBITDA margin increased by 180 basis points to 12.8% as compared to 11.0% in the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Depreciation expense was $32.9 million relative to $28.1
million in the prior year period, with the increase attributable to the impact of recent acquisitions and increased investments in office
leaseholds.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Amortization expense was $74.0 million relative to $59.0
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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Earnings from equity investments, including other income,
were $5.5 million as compared to $1.5 million in the prior year.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Net interest expense was $24.5 million, up from $22.6 million
in the prior year period and included the full year-to-date impact of interest from Convertible Notes which were issued on May 19, 2020.
The average interest rate on our debt during the period was 3.5%, versus 2.9% in the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Consolidated income tax expense for the nine months ended
September 30, 2021 was $48.5 million, relative to $19.1 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 26.5%, after
excluding the impact from the settlement of the LTIA, as compared to 29.8% 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 between 25% to 28%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">The net loss was $337.3 million, which includes the impact
of the LTIA, versus earnings of $44.9 million in the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the Americas region totalled $1.68 billion
for the nine months ended September 30, 2021, up 52% (50% in local currency) versus $1.1 billion in the prior year period. Revenue growth
was primarily driven by a rebound in Capital Markets and Leasing activity and year-to-date impact of recent acquisitions. Foreign exchange
tailwinds positively impacted revenue growth by 2%. Adjusted EBITDA was $201.7 million, versus $110.2 million in the prior year period
on higher revenues and the impact of recent acquisitions, including Colliers Engineering &amp; Design and Colliers Mortgage. GAAP operating
earnings were $155.0 million, relative to $66.5 million in the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the EMEA region totalled $439.6 million for
the nine months ended September 30, 2021 compared to $334.0 million in the prior year period, up 32% (24% in local currency). Revenue
growth was driven by growth across all services lines, particularly Capital Markets and Leasing. Foreign exchange tailwinds positively
impacted revenue growth by 8%. Adjusted EBITDA was $40.1 million, versus $10.3 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 $24.7 million compared to a loss of $18.1 million in the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the Asia Pacific region totalled $454.6 million
for the nine months ended September 30, 2021 compared to $308.0 million in the prior year period, up 48% (37% in local currency). Revenue
growth was driven by a rebound in activity across all service lines and geographies. Foreign exchange tailwinds positively impacted revenue
growth by 11%. Adjusted EBITDA was $56.8 million compared to $30.3 million in the prior year period with the improvement in margin attributable
to operating leverage. GAAP operating earnings were $46.7 million, versus $14.9 million in the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Investment Management revenues were $173.4 million compared
to $128.9 million in the prior year period, up 35% (34% in local currency) on solid management fee growth. Pass-through revenue from historical
carried interest was $18.6 million relative to $4.2 million in the prior year period. Adjusted EBITDA was $66.8 million, relative to $51.1
million in the prior year period. GAAP operating earnings were $43.9 million versus $30.3 million in the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Unallocated global corporate costs as reported in Adjusted
EBITDA were $13.2 million for the nine months ended September 30, 2021, relative to a recovery of $4.7 million in the prior year period,
with the change primarily attributable to performance-based incentive compensation accruals recorded in the current year period. The corporate
GAAP operating loss was $540.2 million and included the impact of the settlement of the LTIA. Operating loss, excluding the impact of
the settlement of the LTIA, was $68.2 million relative to $8.5 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"></P>

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

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

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

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

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

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

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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Q1</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Q2</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Q3</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Q4</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">774,914</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">945,994</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">1,022,756</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">39,956</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(385,777</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">75,966</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,807</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(456,117</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings (loss) per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(10.53</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.41</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings (loss) per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(10.53</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.40</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">630,628</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">550,206</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">692,307</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">913,716</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,537</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,523</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,074</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">79,443</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,458</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,483</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,979</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">49,568</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings (loss) per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.12</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.26</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.53</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.84</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings (loss) per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.26</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.52</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.80</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">635,123</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">745,517</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">736,883</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">928,288</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,397</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">57,198</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">48,175</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">99,428</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,463</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">35,575</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">28,672</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">67,877</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.04</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.60</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.75</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.21</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.04</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.60</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.74</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.20</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>Other data<SUP>1</SUP></B></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">92,128</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">136,558</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">123,641</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2020</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">54,454</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">59,962</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">92,120</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">154,906</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2019</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">43,571</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">87,323</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">84,262</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">144,320</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EPS - 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.04</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.58</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.27</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EPS - 2020</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.54</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.70</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.08</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.79</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Adjusted EPS - 2019</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">0.51</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.10</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.04</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2.01</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-style: italic; text-align: left"><SUP>1</SUP>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="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 cost management measures remain in place
through to the present date.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Given the strong results for the third quarter and continued
momentum, the Company now expects revenue and Adjusted EBITDA to exceed the top end of the previous outlook. The previously provided outlook
for the full year 2021, relative to 2020, was a revenue increase of 20%-30% and an Adjusted EBITDA increase of 25%-35%. The outlook for
the balance of the year may still be impacted by (i) changes in Capital Markets and Leasing transaction velocity in the traditionally
strong fourth quarter as the pandemic continues to impact operations; and (ii) higher than anticipated increases in operating costs, which
were reduced during the pandemic.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Net cash generated by operating activities for the nine-month
period ended September 30, 2021 was $211.1 million, versus $104.3 million in the prior year period. The prior year period was impacted
by significant working capital usage in our Capital Markets and Leasing operations related to the pandemic. We believe that cash from
operations and other existing resources, including our $1.0 billion multi-currency revolving credit facility (the &ldquo;Revolving Credit
Facility&rdquo;), will continue to be adequate to satisfy the ongoing working capital needs of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">For the nine months ended September 30, 2021, capital expenditures
were $44.5 million. Capital expenditures for the year ending December 31, 2021 are expected to be $55-$60 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Net indebtedness as at September 30, 2021 was $244.6 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 September 30, 2021, the Company&rsquo;s
financial leverage ratio expressed in terms of net debt to pro forma Adjusted EBITDA was 0.5x (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 September 30, 2021
would have been $469.5 million. We are in compliance with the covenants contained in our agreements relating to our debt agreements as
at September 30, 2021 and, based on our outlook for 2021, we expect to remain in compliance with these covenants.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">As of September 30, 2021, the Company had $858.8 million
of unused credit under its committed revolving credit facility maturing in April 2024.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 debt agreements. The Convertible Notes are convertible into 3.97 million Subordinate Voting Shares or, if not converted, may be settled
at maturity with Subordinate Voting Shares or cash at the option of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 due 2031&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 due 2031 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 Senior Notes due 2031 were drawn on October 7, 2021. The Company used the proceeds for general corporate purposes and to repay
all outstanding borrowings under its Revolving Credit Facility.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 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 decrease to our borrowing costs. 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;). As of September 30,
2021, the Company had drawn $120.9 million under the AR Facility.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 $2.2 million
was paid on July 14, 2021.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 $196.1
million as at September 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 September 30, 2021 was
$149.6 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 September 30, 2021 was $11.7 million (December
31, 2020 - $17.6 million). The contingent consideration is based on achieving specified earnings levels and is paid or payable after the
end of the contingency period, which extends to June 2026. We estimate that approximately 85% of the contingent consideration outstanding
as of September 30, 2021 will ultimately be paid.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">Contractual obligations</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Payments due by period</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">(in thousands of US$)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Less than</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">After</FONT></TD><TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>Total</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">1 year</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">1-3 years</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">4-5 years</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9">5 years</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">377,193</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">2,596</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">132,376</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">242,221</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse credit facilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">152,905</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">152,905</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">224,895</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">224,895</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on long-term debt and Convertible Notes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84,943</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,645</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38,669</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,626</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,003</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finance lease obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,554</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">969</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">585</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">149,565</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">96,780</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">48,207</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,468</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">110</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating leases obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">465,085</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">93,578</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">142,336</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">86,748</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">142,423</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Purchase commitments</FONT><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">179,871</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">137,379</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">19,582</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">19,641</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,269</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Co-investment Commitments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,871</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">27,871</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total contractual obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,663,882</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">532,723</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">381,755</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">352,378</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">397,026</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><I>1.</I></TD><TD><I>Purchase commitments for less than 1 year include the acquisitions of Bergmann, Antirion, and Colliers Italy.</I></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0; color: #4A4A4D">At September 30, 2021, we had commercial
commitments totaling $18.6 million comprised of letters of credit outstanding due to expire within one year.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0; color: #4A4A4D">The total value of the RNCI (the &ldquo;redemption
amount&rdquo;), as calculated in accordance with shareholders&rsquo; agreements, was $444.7 million as of September 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 September 30, 2021, the RNCI recorded on the balance sheet was $474.6 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 nine months ended September 30, 2021 would be $2.00, and the accretion
to adjusted EPS would be $0.47.</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0; color: #4A4A4D">Critical accounting estimates are those
that we deem to be most important to the portrayal of our financial condition and results of operations, and that require management&rsquo;s
most difficult, subjective or complex judgments due to the need to make estimates about the effects of matters that are inherently uncertain.
We have identified seven critical accounting estimates, which are discussed below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><I>Revenue recognition.</I> We earn revenues from brokerage transaction commissions, advisory fees, debt
finance fees, property management fees, project management fees, engineering and design fees and investment management fees. Some of the
contractual terms related to the process of earning revenue from these sources, including potentially contingent events, can be complex
and may require us to make judgments about the timing of when we should recognize revenue and whether revenue should be reported on a
gross basis or net basis. Changes in judgments could result in a change in the period in which revenues are reported, or in the amounts
of revenue and cost of revenue reported.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Goodwill.</I> Goodwill impairment testing involves assessing whether events have occurred that would
indicate potential impairment and making estimates concerning the fair values of reporting units and then comparing the fair value to
the carrying amount of each unit. The determination of what constitutes a reporting unit requires significant management judgment. We
have four reporting units, consistent with our four operating segments. Goodwill is attributed to the reporting units at the time of acquisition.
Estimates of fair value can be impacted by changes in the business environment, prolonged economic downturns or declines in the market
value of the Company&rsquo;s own shares and therefore require significant management judgment in their determination. When events have
occurred that which would suggest a potential decrease in fair value, the determination of fair value is done with reference to a discounted
cash flow model which requires management to make certain estimates. The most sensitive estimates are estimated future cash flows and
the discount rate applied to future cash flows. Changes in these assumptions could result in a materially different fair value.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><I>Business combinations.</I> The determination of fair values of assets acquired and liabilities assumed
in business combinations requires the use of estimates and management judgment, particularly in determining fair values of intangible
assets acquired. For example, if different assumptions were used regarding the profitability and expected attrition rates of acquired
customer relationships or asset management contracts, different amounts of intangible assets and related amortization could be reported.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><I>Contingent acquisition consideration.</I> Contingent consideration is required to be measured at fair
value at the acquisition date and at each balance sheet date until the contingency expires or is settled. The fair value at the acquisition
date is a component of the purchase price; subsequent changes in fair value are reflected in earnings. Most acquisitions made by us have
a contingent consideration feature, which is usually based on the acquired entity&rsquo;s profitability (measured in terms of adjusted
EBITDA) during a one to five year period after the acquisition date. Significant estimates are required to measure the fair value of contingent
consideration, including forecasting profits for the contingency period and the selection of an appropriate discount rate.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><I>Deferred income tax assets.</I> Deferred income tax assets arise primarily from the recognition of
the benefit of certain net operating loss carry-forwards. We must weigh the positive and negative evidence surrounding the future realization
of the deferred income tax assets to determine whether a valuation allowance is required, or whether an existing valuation allowance should
remain in place. These determinations, which involve projections of future taxable income, require significant management judgment. Changes
in judgments, in particular of future taxable earnings, could result in the recognition or de-recognition of a valuation allowance which
could impact income tax expense materially.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><I>Uncertain tax positions.</I> In the ordinary course of business, there is inherent uncertainty in quantifying
our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination by tax authorities
based upon an evaluation of the facts and circumstances at the reporting date. For those tax positions where it is more likely than not
that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized
upon ultimate settlement with a tax authority that has full knowledge of all relevant information. For those income tax positions where
it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><I>Allowance for uncollectible accounts receivable.</I> Accounts receivable allowances are determined
using a combination of historical experience, current information, and management judgment. Actual collections may differ from our estimates.
A 10% increase in the accounts receivable allowance as of September 31, 2021 would increase bad debt expense by $2.3 million.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic; text-align: left; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,496</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">31,979</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(337,298</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">44,921</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,771</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">11,740</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">48,490</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">19,066</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other income, including equity earnings from non-consolidated investments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,601</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(509</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,547</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(1,479</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,300</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">8,864</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,500</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">22,627</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">75,966</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">52,074</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(269,855</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">85,135</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Settlement of LTIA</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">34,588</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">36,281</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">106,939</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">87,111</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,812</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(6,888</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(20,728</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(7,397</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Equity earnings from non-consolidated investments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,487</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">482</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,625</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,451</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,231</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">4,965</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,773</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">11,499</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">523</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">3,374</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,466</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">22,681</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock-based compensation expense</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,658</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,832</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,180</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,056</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted EBITDA</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">123,641</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">92,120</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">352,328</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">206,536</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Adjusted EPS is defined as diluted net earnings per share
as calculated under the &ldquo;if-converted&rdquo; method, adjusted for the effect, after income tax, of: (i) the non-controlling interest
redemption increment; (ii) 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 nine months ended September 30, 2021, the &ldquo;if-converted&rdquo; method is anti-dilutive for the GAAP diluted EPS calculation
but dilutive for the adjusted EPS calculation.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic; text-align: left; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,496</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">31,979</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(337,298</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">44,921</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(13,623</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(6,264</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(33,148</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(13,906</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,300</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,314</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,900</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">3,373</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Settlement of LTIA</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">471,928</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,148</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">25,912</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">74,019</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">59,013</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,812</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(6,888</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(20,728</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(7,397</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,231</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">4,965</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,773</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">11,499</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">523</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">3,374</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,466</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">22,681</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Stock-based compensation expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,658</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,832</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,056</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax on adjustments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,934</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(6,988</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(27,117</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(20,235</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Non-controlling interest on adjustments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,125</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(2,625</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9,920</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(7,222</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">61,862</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">47,611</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">184,055</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">98,783</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic; text-align: left; border-bottom: Black 1pt solid">(in US$)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Diluted net earnings (loss) per common share<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.37</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.48</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9.20</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.37</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on Convertible Notes, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.04</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.04</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.11</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.06</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Non-controlling interest redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.39</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.10</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1.34</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.37</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Settlement of LTIA</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10.02</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization expense, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.28</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.38</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.94</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.88</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to MSRs, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(0.07</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.12</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(0.25</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.14</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.20</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.10</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.75</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.27</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.01</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.06</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.02</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.40</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock-based compensation expense, net of tax</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.05</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.04</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.18</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.14</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Adjusted EPS</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1.27</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1.08</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3.91</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2.35</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Diluted weighted average shares for Adjusted EPS (thousands)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">48,722</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">44,181</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">47,111</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">42,075</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="text-align: justify; color: #4A4A4D; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><SUP>(1)</SUP>Amounts shown reflect
the "if-converted" method's dilutive impact on the adjusted EPS calculation for the three and nine months ended September 30, 2021 and
2020.</P>



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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. The interest rate swaps are measured at fair value on the balance sheet. The Company designated each of these interest
rate swaps as cash flow hedges at the inception of the respective interest rate swaps. On July 1, 2021, the Company dedesignated both
hedging relationships. Financial instruments involve risks, such as the risk that counterparties may fail to honor their obligations under
these arrangements. If we have financial instruments outstanding and such events occur, our results of operations and financial position
may be adversely affected.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">As at September 30, 2021, the Company had $3.5 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">As of the date hereof, the Company has outstanding 42,702,700
Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. In addition, as at the date hereof 1,971,725 Subordinate Voting Shares
are issuable upon exercise of options granted under the Company&rsquo;s stock option plan.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 September 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
September 30, 2021.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 September 30, 2021, our internal control over financial reporting was effective.</P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">We are closely monitoring the impact of the COVID-19 pandemic
on all aspects of our business, including how it is impacting our clients, employees, and services. 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.</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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">a change in or loss of our relationship with US government agencies, such as Fannie Mae or Ginnie Mae
could significantly impact our ability to originate mortgage loans;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">defaults by borrowers on loans originated under the Fannie Mae Delegated Underwriting and Servicing<SUP>TM</SUP>
Program could materially affect our profitability as we are subject to sharing up to one-third of incurred losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">a decline in origination volumes or termination of our current servicing agreements, could significantly
impact profitability, with a majority of our earnings generated from loan servicing; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">a termination or changes to our warehouse credit facilities could lead to unfavourable replacement terms
and may significantly impact our ability to originate new loans.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 39pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 39pt; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0 0pt 39pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 39pt">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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;Risks associated with the COVID-19 pandemic&rdquo; , &ldquo;Risks
associated with Colliers Mortgage&rdquo; and those set out in detail in the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s
Annual Information Form:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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">The COVID-19 pandemic and its related impact on global, regional and local economic conditions, and in
particular its impact on client demand for our services, our ability to deliver services and ensure the health and productivity of our
employees.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">Trends in pricing and risk assumption for commercial real estate services.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">Competition in the markets served by the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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">The impact of changes in the market value of assets under management on the performance of our Investment
Management business.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">Reliance on subcontractors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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">Labor shortages or increases in wage and benefit costs.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A decline in our performance impacting our continued compliance with the financial covenants under our debt agreements, or our
ability to negotiate a waiver of certain covenants with our lenders.</TD></TR>
                                                                                                                                                                                                            </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -0.25in; margin: 0pt 0 0pt 39pt; color: #4A4A4D"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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">The effect of increases in interest rates on our cost of borrowing.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">The effects of changes in foreign exchange rates in relation to the US dollar on the Company&rsquo;s Euro,
Canadian dollar, Australian dollar and UK pound sterling denominated revenues and expenses.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">Disruptions or security failures in our information technology systems.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">The ability to comply with laws and regulations related to our global operations, including real estate
and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">Political conditions, including political instability, elections, referenda, trade policy changes, immigration
policy changes and any outbreak or escalation of hostilities or terrorism and the impact thereof on our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">The ability to protect against cybersecurity threats as well as to monitor new threats.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 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">Continuing evolution of global climate change policy and its tangible and intangible impact on our operations,
employees and clients.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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">Conversion of the Convertible Notes to subordinate voting shares may dilute the ownership of existing
shareholders.</TD></TR></TABLE>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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 COVID-19 pandemic. 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>

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

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