<SEC-DOCUMENT>0001171843-22-003382.txt : 20220506
<SEC-HEADER>0001171843-22-003382.hdr.sgml : 20220506
<ACCEPTANCE-DATETIME>20220506163013
ACCESSION NUMBER:		0001171843-22-003382
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220506
FILED AS OF DATE:		20220506
DATE AS OF CHANGE:		20220506

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:		22901697

	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_050622.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of: May 2022</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 49%; font-weight: bold; text-align: left">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Date: May 6, 2022</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left"><U>/s/ Christian Mayer</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Christian Mayer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Financial Officer</TD></TR>
  </TABLE>


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

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

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

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


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<TD></TD><TD><B>Exhibit&#9;</B></TD><TD><B>Description of Exhibit</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_991.htm">99.1</A></TD><TD><A HREF="exh_991.htm">Interim consolidated financial statements and management&#8217;s discussion &amp; analysis for the three-month period ended March
31, 2022.</A></TD></TR></TABLE>

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #4A4A4D"><FONT STYLE="font-size: 14pt"><B>March
31, 2022</B></FONT></P>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>2</b><!-- Field: /Sequence --> of <b>24</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #4A4A4D"><B></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">ended March 31</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F4F4F4">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Revenues (note 20)</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">1,000,912</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F4F4F4">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F4F4F4">774,914</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Cost of revenues (exclusive of depreciation and</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">amortization shown below)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">631,553</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">467,731</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">250,712</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">210,603</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Depreciation</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">12,049</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">10,439</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Amortization of intangible assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">24,591</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">27,338</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition-related items (note 7)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">15,083</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">18,847</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Loss on disposal of Russian operations (note 5)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">26,090</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">40,834</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">39,956</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,318</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">8,284</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Earnings from equity accounted investments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,160</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(1,406</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other income, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">32</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">(576</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Earnings before income tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">37,644</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">33,654</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Income tax expense (note 17)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">16,327</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">8,847</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">24,807</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">8,516</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">7,780</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interest redemption increment (note 14)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">31,441</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">12,540</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net earnings (loss) attributable to Company</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(18,640</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">4,487</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">Net earnings (loss) per common share (note 15)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D">Basic</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(0.42</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">0.11</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Diluted</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(0.42</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">0.11</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">ended March 31</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F4F4F4">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F4F4F4">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F4F4F4">24,807</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Change in foreign currency translation</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,854</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(1,875</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Reclassification of accumulated foreign currency translation on disposal of Russian operations (note 5)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">18,236</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Unrealized gain on interest rate swaps, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">312</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">929</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Pension liability adjustments, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">9</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Comprehensive earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">36,020</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">23,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Less: Comprehensive earnings attributable to non-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">controlling interests</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">39,957</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">22,482</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Comprehensive earnings (loss) attributable to Company</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(3,937</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">1,379</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

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


  <!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>4</b><!-- Field: /Sequence --> of <b>24</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">March 31, 2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F3F3F3">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">230,374</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">396,745</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Restricted cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">35,224</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">28,526</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Accounts receivable, net of allowance of $25,019 (December 31, 2021 - $22,413)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">508,542</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">502,416</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contract assets (note 20)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">78,851</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">71,294</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Warehouse receivables (note 18)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">124,815</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">174,717</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Income tax recoverable</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">13,019</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">13,373</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Prepaid expenses and other current assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">212,301</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">339,847</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Real estate assets held for sale (note 6)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">44,492</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">44,089</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,247,618</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,571,007</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other receivables</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">14,128</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">12,441</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contract assets (note 20)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">7,423</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">7,647</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">108,555</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">99,983</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Fixed assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">143,431</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">144,755</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating lease right-of-use assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">316,650</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">316,517</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Deferred tax assets, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">74,482</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">68,502</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Intangible assets (note 8)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">580,046</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">561,830</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Goodwill</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,104,156</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,091,048</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,348,871</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,302,723</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">3,596,489</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,873,730</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Liabilities and shareholders' equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Accounts payable and accrued expenses</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">384,260</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">391,170</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Accrued compensation</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">442,933</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">691,604</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Income tax payable</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">43,488</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">35,446</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contract liabilities (note 20)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">30,893</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">30,397</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Long-term debt - current (note 9)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,535</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,458</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration - current (note 18)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">27,624</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">120,246</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Warehouse credit facilities (note 11)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">115,817</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">162,911</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating lease liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">79,010</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">80,928</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Liabilities related to real estate assets held for sale (note 6)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">23,235</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">23,095</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,148,795</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,537,255</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Long-term debt (note 9)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">712,771</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">529,596</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration (note 18)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">32,320</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">34,425</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating lease liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">298,370</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">296,633</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">70,295</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">86,064</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Deferred tax liabilities, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">37,302</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">42,371</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible notes (note 10)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">225,539</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">225,214</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,376,597</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,214,303</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Redeemable non-controlling interests (note 14)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">541,191</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">536,903</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Shareholders' equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Common shares</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">854,760</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">852,167</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contributed surplus</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">89,507</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">79,407</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Deficit</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(363,296</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">(279,724</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Accumulated other comprehensive loss</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(55,396</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(70,251</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Total Company shareholders' equity</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">525,575</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">581,599</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interests</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,331</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,670</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total shareholders' equity</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">529,906</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">585,269</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">3,596,489</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,873,730</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

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

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


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

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

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

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

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




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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="border-top: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">other</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Deficit</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">loss</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">interests</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">equity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2021</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">44,054,744</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">852,167</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">79,407</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(279,724</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(70,251</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">3,670</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">585,269</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Pension liability adjustment,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of tax</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">9</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">9</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3,854</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3,854</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Unrealized gain on interest rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;swaps, net of tax</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">464</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">464</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other comprehensive earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attributable to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">162</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">162</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">NCI share of earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(8,516</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">679</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(7,837</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(31,441</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(31,441</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(180</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(180</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Reclass to net earnings on disposal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">of Russian operations (note 5)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(93</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">18,236</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">18,143</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Subsidiaries&rsquo; equity transactions</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">8,417</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">8,417</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Subordinate Voting Shares:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock option expense</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">4,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">4,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock options exercised</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">221,625</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">14,341</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(3,085</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">11,256</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Purchased for cancellation (note 16)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(600,539</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(11,748</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(64,932</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(76,680</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, March 31, 2022</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">43,675,830</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">854,760</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">89,507</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(363,296</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(55,396</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,331</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">529,906</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #0C9ED9; text-align: center">Common shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">other</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Retained</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">shares</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">earnings</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">loss</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">interests</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">equity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 23%; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2020</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">40,189,436</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">457,993</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">66,971</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">119,421</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(61,979</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">3,703</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">586,109</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(1,875</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(1,875</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Unrealized gain on interest rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;swaps, net of tax</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">929</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">929</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Other comprehensive earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attributable to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(2,162</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(137</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(2,299</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D">NCI share of earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(7,780</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">862</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(6,918</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(12,540</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(12,540</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(311</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(311</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(27</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(27</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D">Subordinate Voting Shares:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock option expense</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,925</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,925</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Stock options exercised</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">169,200</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">10,152</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(2,207</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">7,945</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, March 31, 2021</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">40,358,636</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">468,145</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">67,689</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">123,908</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(65,087</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,090</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">598,745</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>6</b><!-- Field: /Sequence --> of <b>24</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">ended March 31</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F4F4F4">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Cash provided by (used in)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F4F4F4">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F4F4F4">24,807</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Items not affecting cash:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">36,640</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">37,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Loss on disposal of Russian operations (note 5)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">26,090</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Gains attributable to mortgage servicing rights</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(5,297</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(9,075</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Gains attributable to the fair value of mortgage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;premiums and origination fees</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(7,282</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(11,578</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Deferred tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(11,177</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(9,431</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Earnings from equity accounted investments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,160</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(1,406</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Stock option expense (note 16)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">4,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">2,925</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Non-cash lease expense</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(526</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">18,058</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Allowance for credit losses</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,735</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">315</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Amortization of advisor loans</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,233</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">5,505</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Contingent consideration (note 7)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,490</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">16,378</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Other</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,154</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">116</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Increase in accounts receivable, prepaid expenses and other assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(172,005</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(23,787</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Increase (decrease) in accounts payable, accrued expenses and other liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">9,860</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(12,552</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Decrease in accrued compensation</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(268,770</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(84,476</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(59,553</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(7,475</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Proceeds received on sale of mortgage loans</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">369,911</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">837,917</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Principal funded on originated mortgage loans</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(314,073</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(706,785</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Decrease in warehouse credit facilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(47,094</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(112,081</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Sales to (Repurchases from) AR Facility, net (note 12)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">122,937</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">(3,291</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash used in operating activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(280,709</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">(38,139</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisitions of businesses, net of cash acquired (note 4)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(52,478</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(3,841</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Purchases of fixed assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(9,835</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(22,093</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Advisor loans issued</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(13,439</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(11,081</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Collections of AR facility deferred purchase price (note 12)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">166,328</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">10,908</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other investing activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(7,526</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">(12</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by (used in) investing activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">83,050</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">(26,119</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #25408F; font-weight: bold; text-align: left">Financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Increase in long-term debt</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">194,935</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">203,522</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Repayment of long-term debt</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,205</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(149,730</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Purchases of non-controlling interests' subsidiary shares, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(25,962</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(8,133</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(40,889</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(2,977</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Proceeds received on exercise of stock options</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">11,214</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">7,945</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Dividends paid to common shareholders</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(6,608</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(2,009</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions paid to non-controlling interests</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(14,926</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">(13,923</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Repurchases of Subordinate Voting Shares</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(72,685</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F4F4F4">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other financing activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(49</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by financing activities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">41,825</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">34,695</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Effect of exchange rate changes on cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(3,839</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">(1,854</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">ended March 31</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F4F4F4">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Net change in cash, cash equivalents and restricted cash</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">(159,673</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F4F4F4">(31,417</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F4F4F4">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash, beginning of period</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">425,271</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">177,533</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash, end of period</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">265,598</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F4F4F4">146,116</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD></TR>
  </TABLE>


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

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


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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Description of the business</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Colliers International
Group Inc. (&#8220;Colliers&#8221; or the &#8220;Company&#8221;) provides commercial real estate professional services and investment
management to corporate and institutional clients in 36 countries around the world (62 countries including affiliates and franchisees).
Colliers&#8217; 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 (&#8220;EMEA&#8221;); Asia and Australasia
(&#8220;Asia Pacific&#8221;) and Investment Management.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Summary of presentation</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">These unaudited Interim
Consolidated Financial Statements (the &#8220;Financial Statements&#8221;) have been prepared by the Company in accordance with disclosure
requirements for the presentation of interim financial information. Certain information and footnote disclosures normally included in
annual financial statements prepared in accordance with generally accepted accounting principles (&#8220;GAAP&#8221;) in the United States
of America have been condensed or omitted in accordance with such disclosure requirements, although management believes that the disclosures
are adequate to make the information not misleading. These Financial Statements should be read in conjunction with the audited consolidated
financial statements of Colliers for the year ended December 31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">These Financial Statements
follow the same accounting policies as the most recent audited consolidated financial statements, except as related to real estate assets
held for sale and as noted in Note 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">As real estate assets
held for sale are generally funded by cash on hand and are expected to be held for a period not to exceed twelve months, management revised
its policy regarding the classification of real estate assets held for sale and liabilities related to real estate assets held for sale
(collectively &#8220;Real Estate Assets HFS&#8221;) to present them as current on the consolidated balance sheets. In the opinion of management
this presentation is more representative and meaningful given the intent of the transactions that give rise to the Real Estate Assets
HFS. The change only impacts the presentation of Real Estate Assets HFS on the consolidated balance sheets without any impact on consolidated
statements of earnings or the consolidated statements of cash flows. Prior year comparatives in relation to Real Estate Assets HFS have
been restated to present as current to improve comparability with 2022 following the change in policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In the opinion of management,
the Financial Statements contain all adjustments necessary to a fair statement of the financial position of the Company as at March 31,
2022 and the results of operations and its cash flows for the three months ended March 31, 2022 and 2021. All such adjustments are of
a normal recurring nature. The results of operations for the three-month period ended March 31, 2022, are not necessarily indicative of
the results to be expected for the year ending December 31, 2022.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Impact of recently issued accounting standards</B></TD>
</TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In August 2020, the
FASB issued ASU No. 2020-06, <I>Debt- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &#8211; Contracts
in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contract in an Entity&#8217;s Own Equity.</I>
The ASU simplifies the accounting for convertible instruments and reduces the number of embedded conversion features being separately
recognized from the host contract as compared to current GAAP. The ASU also enhances information transparency through targeted improvements
to the disclosures for convertible instruments and earnings-per-share guidance. The Company adopted the guidance effective January 1,
2022. The adoption of the standard did not have a material impact on the Company&#8217;s consolidated financial statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The FASB has issued
two ASUs 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 various tenors of the London Interbank Offered Rates (&#8220;LIBOR&#8221;)
being discontinued between December 31, 2021 and June 30, 2023, a significant volume of contracts and other arrangements will be impacted
by the transition required to alternative reference rates. The ASUs 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 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 ASUs to facilitate an orderly transition to alternative reference rates and their potential impacts
on its consolidated financial statements and disclosures.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Acquisitions</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">During
the three months ended March 31, 2022, the Company acquired controlling interests in two businesses operating in the Americas; a civil
engineering, design and survey firm headquartered in San Antonio, Texas and the Colliers affiliate for Cincinnati and Cleveland, Ohio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">Given
the complexity of certain assets and liabilities acquired, primarily intangibles and income tax items, the purchase accounting recorded
in the accompanying financial statements is preliminary. The acquisition date fair value of consideration transferred consisted of $52,478
in cash (net of cash acquired of $6,744) and $16,207 of equity in one of the Company&#8217;s subsidiaries which is presented as redeemable
non-controlling interest on the consolidated balance sheets. The Company acquired $4,057 of net assets, excluding cash, and recognized
goodwill of $26,651 and intangible assets of $37,976 in its preliminary purchase price allocation. The purchase price allocation is expected
to be completed as soon as practicable, but no later than one year from the acquisition date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">During
the three months ended March 31, 2021, the Company acquired a controlling interest in one business operating in the Americas (Miami, Florida).
The acquisition date fair value of consideration transferred consisted of $3,841 in cash (net of cash acquired of $387).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
Company typically structures its business acquisitions to include contingent consideration. Certain vendors, at the time of acquisition,
are entitled to receive a contingent consideration payment if the acquired businesses achieve specified earnings levels during the one-
to five-year periods following the dates of acquisition. The ultimate amount of payment is determined based on a formula, the key inputs
to which are (i) a contractually agreed maximum payment; (ii) a contractually specified earnings level and (iii) the actual earnings for
the contingency period. If the acquired business does not achieve the specified earnings level, the maximum payment is reduced for any
shortfall, potentially to nil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Unless it contains an
element of compensation, contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated
balance sheet as at March 31, 2022, was $59,944 (December 31, 2021 - $154,671). 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 March 31, 2022, was $5,741 (December 31, 2021 - $5,070). 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 $72,670 to a maximum
of $85,793. These contingencies will expire during the period extending to June 2026.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Business disposals</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
Company discontinued its operations in Russia in March 2022, by way of a sale of its controlling interests to local management. The proceeds
received from the disposals were de minimus and the Company recognized a loss on disposal of Russian operations in the amount of $26,090.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
table below summarizes the change in the Company&#8217;s assets related to the disposal of Russian operations and the calculation of the
loss on disposal:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D; text-align: left">Current assets, excluding cash</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">3,635</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Non-current assets, excluding goodwill</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">3,265</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Goodwill</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">6,335</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Current liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(4,444</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current liabilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(2,075</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Redeemable non-controlling interest</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(2,361</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net assets of Russian operations, excluding cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,355</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">The below table summarizes the calculation of the loss on disposal of Russian operations:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Cash consideration, net of disposed cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,592</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net assets of Russian operations, excluding cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">4,355</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Reclasses from Shareholder's equity to net earnings:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Contributed surplus</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">93</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Accumulated foreign currency translation</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(18,236</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Loss on disposal of Russian operations</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(26,090</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Real estate assets held for sale</B></TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In December 2021, the
Company acquired a controlling interest in a portfolio of land and buildings located in the United States and associated liabilities from
an unrelated party (the &#8220;RE Assets&#8221;). The Company expects to sell the RE Assets to a newly established closed-end fund which
is managed by the Company, without gain or loss, during the second quarter of 2022. As is customary for closed-end funds, the Company
has a limited partner equity interest of between 1% and 2%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">During the year ended
March 31, 2022, the effect on net earnings related to real estate assets held for sale was nil (2021 - nil).</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; color: #0C9ED9; font-weight: bold">As at March 31,</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; white-space: nowrap; color: #0C9ED9">As at December 31,</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">Real estate assets held for sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Real estate assets held for sale - current</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">44,492</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">44,089</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Liabilities related to real estate assets held for sale - current</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">23,235</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">23,095</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Net real estate assets held for sale</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">21,257</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">20,994</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>7.</B></font></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>Acquisition-related
items</B></FONT></TD>
</TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Transaction costs</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">8,593</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,469</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent consideration fair value adjustments (note 18)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">5,367</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">14,787</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Contingent consideration compensation expense</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,123</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,591</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">15,083</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">18,847</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Intangible assets</B></TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold">March 31, 2022</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Gross</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amortization</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Net</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">23,450</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">23,450</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">52,650</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">52,650</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Finite life intangible assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">384,357</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">159,130</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">225,227</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">270,600</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">91,084</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">179,516</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">154,448</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">48,044</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">106,404</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,212</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,145</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">67</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">12,612</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,535</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">7,077</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">17,941</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">11,653</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,288</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Backlog</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">5,300</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2,483</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,817</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">846,470</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">319,074</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">527,396</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">899,120</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">319,074</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">580,046</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Gross</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9">December 31, 2021</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">carrying</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">amortization</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Net</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="width: 55%; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">23,804</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">23,804</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">53,004</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">53,004</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Finite life intangible assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">352,860</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">152,026</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">200,834</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">270,600</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">85,012</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">185,588</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">147,878</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">41,455</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">106,423</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,185</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1,092</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">93</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">12,600</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">4,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">7,739</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">17,606</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">11,057</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,549</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; padding-left: 10pt">Backlog</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2,400</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">800</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1,600</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">805,129</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">296,303</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">508,826</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(243,243,243); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">858,133</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">296,303</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">561,830</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">MSR
intangible assets represent the carrying value of servicing assets in the Americas segment. The MSR asset is being amortized over the
estimated period that the net servicing income is expected to be received.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
MSR assets are evaluated quarterly for impairment by stratifying the servicing portfolio according to predominant risk characteristics,
primarily investor type and interest rate. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated
fair value. There was no impairment recorded for the three-month period ended March 31, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
following table summarizes activity related to the Company&#8217;s mortgage servicing rights for the three months ended March 31, 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">106,423</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Additions, following the sale of loan</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,569</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(4,006</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepayments and write-offs</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(2,582</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">106,404</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
following is the estimated future expense for amortization of the recorded MSRs and other intangible assets for each of the next five
years and thereafter:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; color: #0C9ED9; border-bottom: Black 1pt solid">For the year ended December 31,</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">MSRs</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 55%; color: #4A4A4D">2022 (remaining nine months)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">11,155</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right">52,608</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">63,763</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2023</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,467</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">63,119</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">76,586</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2024</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">12,352</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">54,976</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">67,328</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2025</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">11,215</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">46,356</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">57,571</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">2026</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">10,167</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">42,593</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">52,760</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; color: #4A4A4D; border-bottom: Black 1pt solid">Thereafter</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">48,048</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">161,340</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">209,388</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">106,404</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">420,992</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">527,396</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Long-term debt</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company has a multi-currency
senior unsecured revolving credit facility (the &#8220;Revolving Credit Facility&#8221;) of $1,000,000. The Revolving Credit Facility
has a 5-year term ending April 30, 2024, and bears interest at an applicable margin of 1.25% to 3.0% over floating reference rates, depending
on financial leverage ratios. The weighted average interest rate on borrowings under the Revolving Credit Facility for the three months
ended March 31, 2022, was 1.4% in 2022 (2021 &#8211; 1.7%). The Revolving Credit Facility had $795,964 of available undrawn credit as
at March 31, 2022 ($988,167 as at December 31, 2021). As of March 31, 2022, letters of credit in the amount of $12,036 were outstanding
against the Revolving Credit Facility ($11,833 as at December 31, 2021). The Revolving Credit Facility requires a commitment fee of 0.25%
to 0.6% of the unused portion, depending on certain leverage ratios. At any time during the term, the Company has the right to increase
the Revolving Credit Facility by up to $250,000 on the same terms and conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company has outstanding
&#8364;210,000 of senior unsecured notes with a fixed interest rate of 2.23% (the &#8220;Senior Notes due 2028&#8221;), 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company also has
outstanding &#8364;125,000 and $150,000 of senior unsecured notes with fixed interest rates of 1.52% and 3.02%, respectively (the &#8220;Senior
Notes due 2031&#8221;), which are held by a group of institutional investors. The Senior Notes due 2031 have a 10-year term ending October
7, 2031.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Revolving Credit
Facility, Senior Notes due 2028, and Senior Notes due 2031 rank equally in terms of seniority and have similar financial covenants, including
leverage and interest coverage. The Company was in compliance with all covenants as of March 31, 2022. The Company is limited from undertaking
certain mergers, acquisitions and dispositions without prior approval.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Convertible notes</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In May 2020, the Company
issued $230,000 aggregate principal of 4.0% Convertible Senior Subordinated Notes (the &#8220;Convertible Notes&#8221;) at par value.
The Convertible Notes will mature on June 1, 2025, and bear interest of 4.0% per annum, payable semi-annually in arrears on June 1 and
December 1 of each year, beginning on December 1, 2020. The Convertible Notes are accounted for entirely as debt as no portion of the
proceeds is required to be accounted for as attributable to the conversion feature. The Convertible Notes are unsecured and subordinated
to all of the Company&#8217;s existing and future secured indebtedness and are treated as equity for financial leverage calculations under
the Company&#8217;s Revolving Credit Facility and Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Convertible Notes
may be converted at the holder&#8217;s option 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. On December 7, 2021, the Company increased its semi-annual dividend on the outstanding
Subordinate Voting Shares and Multiple Voting Shares from $0.05 to $0.15 per share. This modified the conversion rate to 17.2624 Subordinate
Voting Shares per $1,000 principal amount of Convertible Notes, which represents a conversion price of $57.93 per Subordinate Voting Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company, at its
option, may also redeem the Convertible Notes, in whole or in part, on or after June 1, 2023, at a redemption price equal to 100% of the
principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, provided that the last reported trading price
of the Subordinate Voting Shares for any 20 trading days in a consecutive 30 trading day period preceding the date of the notice of redemption
is not less than 130% of the conversion price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Subject to specified
conditions, the Company may elect to repay some or all of the outstanding principal amount of the Convertible Notes, on maturity or redemption,
through the issuance of Subordinate Voting Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In connection with the
issuance of the Convertible Notes, at the time, the Company incurred financing costs of $6,795 which are being amortized over five years
using the effective interest rate method. For the quarter ended March 31, 2022, there was $325 of financing fee amortization included
in interest expense within the accompanying Consolidated Statements of Earnings. The effective interest rate on the Convertible Notes
is approximately 4.7%.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Warehouse credit facilities</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The following table
summarizes the Company&#8217;s mortgage warehouse credit facilities as at March 31, 2022:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Current</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; background-color: #F3F3F3">Maximum</TD><TD STYLE="color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; background-color: #F3F3F3">Carrying</TD><TD STYLE="color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #0C9ED9; text-align: center">Maturity</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">Capacity</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">Value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; color: #4A4A4D; text-align: left">Facility A - LIBOR plus 1.60%</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; color: #4A4A4D; text-align: center">October 19, 2022</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">4,913</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 8%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">125,000</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 8%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">70,694</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Facility B - SOFR plus 1.70%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: center">On demand</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">23,116</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">125,000</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">49,860</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Facility C - LIBOR plus 1.60%</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: center; border-bottom: Black 1pt solid">April 27, 2022</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">150,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">87,788</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">150,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">42,357</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">400,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">115,817</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">400,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">162,911</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Colliers Mortgage LLC
(&#8220;Colliers Mortgage&#8221;) has warehouse credit facilities which are used exclusively for the purpose of funding warehouse mortgages
receivable. The warehouse credit facilities are recourse only to Colliers Mortgage, are revolving and are secured by any warehouse mortgages
financed on the facilities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On April 28, 2021, Colliers
Mortgage entered into an additional financing agreement for Facility C with a borrowing capacity of $150,000. The maturity date is April
27, 2022, with an option to extend to April 27, 2023 (see note 22).</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>AR Facility</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In April 2019, the Company
entered into a structured accounts receivable facility (the &#8220;AR Facility&#8221;). Under the AR Facility, certain of the Company's
subsidiaries continuously sell trade accounts receivable and contract assets (the &#8220;Receivables&#8221;) to wholly owned special purpose
entities at fair market value. The special purpose entities in turn sell the Receivables to a third-party financial institution (the &#8220;Purchaser&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On April 26, 2021, the
Company extended the term of the AR Facility by one year with a maturity date of April 25, 2022, and a committed availability of $125,000
(see note 22). As of March 31, 2022, the Company&#8217;s draw under the AR Facility was $122,641.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3pt 0pt 0.5in; text-align: justify; color: #4A4A4D">All transactions
under the AR Facility are accounted for as a true sale in accordance with ASC 860, <I>Transfers and Servicing</I> (&#8220;ASC 860&#8221;).
Following the sale of the Receivables to the Purchaser, the Receivables are legally isolated from the Company and its wholly owned special
purpose entities. The AR Facility is recorded as a sale of accounts receivable, and accordingly sold receivables are derecognized from
the consolidated balance sheet. The Company continues to service, administer and collect the Receivables on behalf of the Purchaser, and
recognizes a servicing liability in accordance with 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 March 31, 2022, the servicing
liability was nil.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3pt 0pt 0.5in; text-align: justify; color: #4A4A4D">Under the AR Facility,
the Company receives a cash payment and a deferred purchase price (&#8220;Deferred Purchase Price&#8221; or &#8220;DPP&#8221;) for sold
Receivables. The DPP is paid to the Company in cash on behalf of the Purchaser as the Receivables are collected; however, due to the revolving
nature of the AR Facility, cash collected from the Company's customers is reinvested by the Purchaser monthly in new Receivable purchases
under the AR Facility. For the three months ending March 31, 2022, Receivables sold under the AR Facility were $525,344 and cash collections
from customers on Receivables sold were $533,906, all of which were reinvested in new Receivables purchases and are included in cash flows
from operating activities in the consolidated statement of cash flows. As of March 31, 2022, the outstanding principal on trade accounts
receivable, net of Allowance for Doubtful Accounts, sold under the AR Facility was $166,541; and the outstanding principal on contract
assets, current and non-current, sold under the AR Facility was $80,939. See note 18 for fair value information on the DPP.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">For the three months
ended March 31, 2022, the Company recognized a loss related to Receivables sold of $7 (2021 - $4 loss) that was recorded in other expense
in the consolidated statement of earnings. Based on the Company&#8217;s collection history, the fair value of the Receivables sold subsequent
to the initial sale approximates carrying value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The non-cash investing
activities associated with the DPP for the three months ended March 31, 2022, were $26,313.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Variable interest entities</B></TD>
</TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">March 31,</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; background-color: #F3F3F3">December 31,</TD><TD STYLE="color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F3F3F3">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Equity accounted investments</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">19,561</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">16,550</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Co-investment commitments</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">20,508</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">20,284</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Maximum exposure to loss</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">40,069</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">36,834</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Redeemable non-controlling interests</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The minority equity
positions in the Company&#8217;s subsidiaries are referred to as redeemable non-controlling interests (&#8220;RNCI&#8221;). The RNCI are
considered to be redeemable securities. Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount
initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the &#8220;mezzanine&#8221;
section of the balance sheet, outside of shareholders&#8217; equity. Changes in the RNCI amount are recognized immediately as they occur.
The following table provides a reconciliation of the beginning and ending RNCI amounts:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">536,903</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">RNCI share of earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">7,839</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">RNCI redemption increment</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">31,441</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Distributions paid to RNCI</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(14,876</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Purchase of interests from RNCI</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(34,188</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Disposal of Russian operations (note 5)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(2,361</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">RNCI recognized on business acquisitions</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">16,678</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(245</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">541,191</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company has shareholders&#8217;
agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to &#8220;call&#8221; the RNCI at
a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income
taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to &#8220;put&#8221;
their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount
and may be paid in cash or in Subordinate Voting Shares. The redemption amount as of March 31, 2022, was $519,796 (December 31, 2021 -
$513,291). The redemption amount is lower than that recorded on the balance sheet as the formula price of certain RNCI are lower than
the amount initially recorded at the inception of the minority equity position. If all put or call options were settled with Subordinate
Voting Shares as at March 31, 2022, approximately 4,000,000 such shares would be issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Increases or decreases
to the formula price of the underlying shares are recognized in the statement of earnings as the NCI redemption increment.</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Net earnings (loss) per common share</B></TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Diluted EPS is calculated
using the &#8220;if-converted&#8221; method of calculating earnings per share in relation to the Convertible Notes, which were issued
on May 19, 2020. As such, the interest (net of income tax) on the Convertible Notes is added to the numerator and the additional shares
issuable on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to determine if an
assumed conversion is more dilutive than no assumption of conversion. The &#8220;if-converted&#8221; method is used if the impact of the
assumed conversion is dilutive. The &#8220;if-converted&#8221; method is anti-dilutive for the three-month periods ended March 31, 2022
and March 31, 2021.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold">(in thousands)</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">March 31</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F3F3F3">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Net earnings (loss) attributable to Company</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">(18,640</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,487</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">After-tax interest on Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted numerator under the If-Converted Method</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(18,640</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,487</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Weighted average common shares - Basic</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">44,064</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">40,257</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Exercise of stock options</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">513</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Conversion of Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Weighted average common shares - Diluted</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">44,064</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">40,770</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On July 16, 2021, the
Company announced the approval by the Toronto Stock Exchange of its notice to implement a normal course issuer bid (the &#8220;NCIB&#8221;).
The NCIB allows the Company to purchase for cancellation, up to 3,200,000 Subordinate Voting Shares, or five percent of the Company&#8217;s
public float as at July 5, 2021 of such class of shares. The NCIB commenced on July 20, 2021 and is due to expire on July 19, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">During the period from
March 3, 2022, to March 31, 2022, the Company repurchased 600,539 Subordinate Voting Shares for total consideration of $76,680. The repurchase
cost, including commissions and fees, was allocated to common shares for the weighted average book value and to retained earnings for
any excess. Under the NCIB all shares are purchased for cancellation. See note 22.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Stock-based compensation</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
Company has a stock option plan for certain officers, key full-time employees and directors of the Company and its subsidiaries. Options
are granted at the market price for the underlying shares on the day immediately prior to the date of grant. Each option vests over a
four-year term, expires five years from the date granted and allows for the purchase of one Subordinate Voting Share. All Subordinate
Voting Shares issued are new shares. As at March 31, 2022, there were 689,550 options available for future grants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">There were 16,250 stock
options granted during the three months ended March 31, 2022 (2021 - 10,000). Stock option activity for the three months ended March 31,
2022, was as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Weighted average</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Weighted</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">remaining</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Aggregate</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Number of</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">average</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">contractual life</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">intrinsic</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">options</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">exercise price</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">(years)</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Shares issuable under options -</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 48%; color: #4A4A4D">December 31, 2021</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">2,550,875</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">89.34</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Granted</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">16,250</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">150.24</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Exercised</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(221,625</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">50.79</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Forfeited</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">(6,500</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">126.76</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Shares issuable under options -</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">March 31, 2022</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2,339,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">93.31</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.1</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">91,919</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Options exercisable - March 31,2022</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">896,814</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">71.92</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.0</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,448</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The amount of compensation
expense recorded in the statement of earnings for the three months ended March 31, 2022, was $4,861 (2021 - $2,925). As of March 31, 2022,
there was $30,282 of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years.
During the three-month period ended March 31, 2022, the fair value of options vested was $4,100 (2021 - $4,422).</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Income tax</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
provision for income tax for the three months ended March 31, 2022, reflected an effective tax rate of 43.4% (2021 - 26.3%) relative to
the combined statutory rate of approximately 26.5% (2021 - 26.5%). The current year&#8217;s rate was impacted by the loss on disposal
of the Company&#8217;s controlling interest in its Russian operations. The loss is not tax deductible and it increases the effective tax
rate by 17.9%.</P>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>18</b><!-- Field: /Sequence --> of <b>24</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><B></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Financial instruments</B></TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The following table
provides the financial assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2022:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Cash equivalents</TD><TD STYLE="width: 1%; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4A; text-align: right">4,332</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Equity securities</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">11,144</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">22</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Debt securities</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">6,218</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Mortgage derivative assets</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">15,407</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Warehouse receivables</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">124,815</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Deferred Purchase Price on AR Facility</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">97,654</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total assets</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">15,476</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">146,462</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">97,654</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Mortgage derivative liabilities</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">$</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">$</TD><TD STYLE="color: #4A4A4A; text-align: right">5,710</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">$</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Interest rate swap liabilities</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">2,608</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Contingent consideration liabilities</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">59,944</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total liabilities</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">8,318</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4A; text-align: right">59,944</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">There were no significant non-recurring fair
value measurements recorded during the quarter ended March 31, 2022.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">Cash
equivalents include highly liquid investments with original maturities of less than three months. Actively traded cash equivalents where
a quoted price is readily available are classified as Level 1 in the fair value hierarchy.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
Company records financial instruments and other inventory positions owned at fair value on the Consolidated Balance Sheets. These financial
instruments are valued based on observable market data that may include quoted market prices dealer quotes, market spreads, cash flows,
the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instruments&#8217; terms
and conditions and are classified as Level 2 of the fair value hierarchy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">Certain
investments in equity securities where quoted prices are readily available are classified as Level 1 in the fair value hierarchy. The
Company increases or decreases its investment each reporting period by the change in the fair value of the investment reported in net
earnings on the Consolidated Statements of Earnings.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The fair value of interest
rate lock commitments and forward sale commitments are derivatives and considered Level 2 valuations. Fair value measurements for both
interest rate lock commitments and forward sales commitment consider observable market data, particularly changes in interest rates. In
the case of interest rate lock commitments, the fair value measurement also considers the expected net cash flows associated with the
servicing of the loans or the fair value of MSRs. However, the Company has evaluated the impact of the fair value of the MSRs on the fair
value of the derivatives and they do not have a significant impact on the derivative fair values. The Company also considers the impact
of counterparty non-performance risk when measuring the fair value of these derivatives. Given the credit quality of the Company&#8217;s
counterparties, the short duration of interest rate lock commitments and forward sales contracts and the Company&#8217;s historical experience,
the risk of nonperformance by the counterparties does not have a significant impact on the determination of fair value.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">Warehouse
receivables represent mortgage loans originated by the Company with commitments to sell to third party investors. Principal funded on
mortgage loans plus gains attributable to the fair value of mortgage premiums and origination fees increase warehouse receivables and
proceeds received from the sale of mortgage loans to third party investors reduce warehouse receivables. As at March 31, 2022, substantially
all of the Company&#8217;s mortgage warehouse receivables were under commitment to be purchased by a GSE or by a qualifying investor.
These assets are classified as Level 2 in the fair value hierarchy as a substantial majority of the inputs are readily observable.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The Company recorded
a DPP under its AR Facility. The DPP represents the difference between the fair value of the Receivables sold and the cash purchase price
and is recognized at fair value as part of the sale transaction. The DPP is remeasured each reporting period in order to account for activity
during the period, including the seller&#8217;s interest in any newly transferred Receivables, collections on previously transferred Receivables
attributable to the DPP and changes in estimates for credit losses. Changes in the DPP attributed to changes in estimates for credit losses
are expected to be immaterial, as the underlying Receivables are short-term and of high credit quality. The DPP is valued using Level
3 inputs, primarily discounted cash flows, with the significant inputs being discount rates ranging from 2.5% to 5.0% depending upon the
aging of the Receivables. See note 12 for information on the AR Facility.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">238,835</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Additions to DPP</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">26,313</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Collections on DPP</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(166,328</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Fair value adjustment</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(7</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Foreign exchange and other</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(1,159</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">97,654</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In December 2018, 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 2.7205% plus the applicable margin. The swaps have a maturity date of April 30, 2023. The interest rate
swaps are measured at fair value on the consolidated balance sheets.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On July 1, 2021, the
Company dedesignated the 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">As at June 30, 2021,
$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 March 31, 2022, $631 of the accumulated
other comprehensive loss was included in interest expense on the consolidated statements of earnings.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">The inputs to the measurement
of the fair value of contingent consideration related to acquisitions are Level 3 inputs. The fair value measurements were made using
a discounted cash flow model; significant model inputs were expected future operating cash flows (determined with reference to each specific
acquired business) and discount rates (which range from 2.1% to 8.8%, with a weighted average of 4.7%). The wide range of discount rates
is attributable to the 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 $1,300.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>20</b><!-- Field: /Sequence --> of <b>24</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Changes in the fair
value of the contingent consideration liability comprises the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">154,671</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Fair value adjustments (note 7)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">5,367</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Resolved and settled in cash</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(100,000</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(94</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">59,944</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Less: current portion</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">27,624</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current portion</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">32,320</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
carrying amounts for cash, restricted cash, accounts receivable, accounts payable, advisor loans, other receivables and accrued liabilities
approximate their estimated fair values due to the short-term nature of these instruments, unless otherwise indicated. The carrying value
of the Company&#8217;s Revolving Credit Facility and other short-term borrowings approximate their estimated fair value due to their short-term
nature and variable interest rate terms. The carrying value of non-current receivables and advisor loans approximate their fair values.
These fair value measurements use a net present value approach; significant model inputs were expected future cash outflows and discount
rates which are Level 3 inputs within the fair value hierarchy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">The
carrying amount and the estimated fair value of Senior Notes and Convertible Notes are presented in the table below. Interest rate yield
curves, interest rate indices and market prices (Level 2 inputs within the fair value hierarchy) are used in determining the fair value
of the Senior Notes and Convertible Notes.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">December 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Carrying</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right">Fair</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; background-color: #F3F3F3">Carrying</TD><TD STYLE="color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; background-color: #F3F3F3">Fair</TD><TD STYLE="color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F3F3F3">amount</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F3F3F3">value</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Senior Notes</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">519,783</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">494,755</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">529,089</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">548,440</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">225,539</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">517,734</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">225,214</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: rgb(243,243,243); color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">590,193</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Commitments and Contingencies</B></TD>
</TR></TABLE>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; color: #4A4A4D">In January 2022, The Company
entered into an agreement to acquire a controlling interest in Basalt Infrastructure Partners, LLP. It is expected that the acquisition
will be accounted for using the acquisition method of accounting for business combinations. The transaction is expected to close in the
second half of 2022, subject to applicable closing conditions including regulatory approval, for an aggregate initial cash purchase price
of $300,000.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; color: #4A4A4D">In October 2021, the Company
entered into agreements to acquire controlling interests in Antirion SGR S.p.A. and its Italy affiliate (which collectively consists of
Colliers International Italia S.p.A., Collies Real Estate Services Italia S.R.L and Colliers Real Estate Management Services S.R.L.).
The initial cash consideration for the acquisitions is $64,746. These acquisitions will be accounted for using the acquisition method
of account for business combinations. See note 22.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">In the normal course
of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened
against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company.
The Company believes resolution of such proceedings, combined with amounts set aside, will not have a material impact on the Company&#8217;s
financial condition or the results of operations.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">Colliers
Mortgage is a lender in the Fannie Mae DUS Program. Commitments for the origination and subsequent sale and delivery of loans to Fannie
Mae represent those mortgage loan transactions where the borrower has locked an interest rate and scheduled closing and the Company has
entered into a mandatory delivery commitment to sell the loan to Fannie Mae. As discussed in note 18, the Company accounts for these commitments
as derivatives recorded at fair value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">Colliers
Mortgage is obligated to share in losses, if any, related to mortgages originated under the DUS Program. These obligations expose the
Company to credit risk on mortgage loans for which the Company is providing underwriting, servicing, or other services under the DUS Program.
Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject
to sharing up to one-third of incurred losses on loans originated under the DUS Program. As of March 31, 2022, the Company has funded
and sold loans subject to such loss sharing obligations with an aggregate unpaid principal balance of approximately $4,534,000. As at
March 31, 2022, the Loss Reserve was $16,110 (December 31, 2021 - $15,807) and was included within Other liabilities on the Consolidated
Balance Sheets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">Pursuant
to its licenses with Fannie Mae, Ginnie Mae and HUD, Colliers Mortgage is required to maintain certain standards for capital adequacy
which include minimum net worth and liquidity requirements. If it is determined at any time that Colliers Mortgage fails to maintain appropriate
capital adequacy, the licensor reserves the right to terminate the Company&#8217;s servicing authority for all or some of the portfolio.
At March 31, 2022, Colliers Mortgage was in compliance with all such requirements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Revenue</B></TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Colliers has disaggregated
its revenue from contracts with customers by type of service and operating segment as presented in the following table.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Asia</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Investment</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Americas</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">EMEA</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Pacific</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Management</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Consolidated</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; color: #0C9ED9">Three months ended March 31,</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #0C9ED9; text-align: left">2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; width: 34%; color: #4A4A4D; font-weight: bold">Leasing</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">188,688</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">30,317</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">18,267</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">237,272</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Capital Markets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">192,066</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">40,884</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">29,768</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">262,718</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Property services</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">188,954</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">53,553</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">48,903</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">291,410</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Valuation and advisory</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">52,493</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">27,471</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">20,039</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">100,003</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">IM - Advisory and other</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">61,647</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">61,647</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">IM - Incentive Fees</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">24,730</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">24,730</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Other</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">19,497</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,100</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,403</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">132</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">23,132</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">Total Revenue</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">641,698</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">153,325</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">119,380</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">86,377</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">132</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: right">1,000,912</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD 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="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="color: #0C9ED9; text-align: left">2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; color: #4A4A4D">Leasing</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">134,204</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">25,589</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">19,868</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">179,661</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Capital Markets</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">142,101</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">35,590</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">32,819</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">210,510</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Property services</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">147,061</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">38,276</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">55,551</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">240,888</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Valuation and advisory</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">38,432</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">25,093</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">17,384</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">80,909</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">IM - Advisory and other</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">44,627</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">44,627</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">IM - Incentive Fees</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-align: left; color: #4A4A4D">Other</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">13,979</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1,565</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2,629</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">146</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">18,319</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">Total Revenue</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">475,777</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">126,113</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">128,251</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">44,627</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">146</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; color: #4A4A4D; text-align: right">774,914</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>22</b><!-- Field: /Sequence --> of <b>24</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Revenue associated with
the Company&#8217;s debt finance and loan servicing operations are outside the scope of ASC 606, <I>Revenue from Contracts with Customers</I>
(&#8220;ASC 606&#8221;). In the three months ended March 31, 2022, $29,311 of revenue, was excluded from the scope of ASC 606 (2021 -
$32,235). These revenues were included entirely within the Americas segment within Capital Markets and Other revenue.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">As at March 31, 2022,
the Company had contract assets totaling $86,274 of which $78,851 was current ($78,941 as at December 31, 2021 - of which $71,294 was
current). During the three months ended March 31, 2022, approximately 61% of the current contract assets were moved to accounts receivable
or sold under the AR Facility (Note 12).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">As at March 31, 2022,
the Company had contract liabilities (all current) totaling $30,893 ($30,397 as at December 31, 2021). Revenue recognized for the three
months ended March 31, 2022, totaled $21,095 (2021 - $16,606) that was included in the contract liability balance at the beginning of
the year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Certain constrained
brokerage fees, outsourcing &amp; advisory fees and investment management fees may arise from services that began in a prior reporting
period. Consequently, a portion of the fees the Company recognizes in the current period may be partially related to the services performed
in prior periods. Typically, less than 5% of brokerage revenue recognized in a period had previously been constrained and substantially
all investment management incentive fees, including carried interest, recognized in the period were previously constrained.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Segmented information</B></TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">Colliers has identified
four reportable operating segments. Three segments are grouped geographically into Americas, Asia Pacific and EMEA. The Investment Management
segment operates in the Americas and EMEA. The groupings are based on the manner in which the segments are managed. Management assesses
each segment&#8217;s performance based on operating earnings or operating earnings before depreciation and amortization. Corporate includes
the costs of global administrative functions and the corporate head office. The EMEA segment, for the three-month period ended March 31,
2022, includes a loss on disposal of the Company&#8217;s Russian operations (see note 5).</P>

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


<P STYLE="margin-left: 0.5in; text-align: left; color: #4A4A4D; font: bold 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">OPERATING SEGMENTS</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Asia</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Investment</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Americas</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">EMEA</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Pacific</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Mgmt</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Consolidated</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; color: #0C9ED9">Three months ended March 31</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #0C9ED9; text-align: left">2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; width: 34%; color: #4A4A4D; font-weight: bold">Revenues</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">641,698</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">153,325</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">119,380</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">86,377</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">132</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; color: #4A4A4D; font-weight: bold; text-align: right">1,000,912</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">21,816</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">5,364</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,848</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">6,808</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">804</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">36,640</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">61,307</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(30,781</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">8,225</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">17,221</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(15,138</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">40,834</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="color: #0C9ED9; text-align: left">2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; color: #4A4A4D">Revenues</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">475,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">126,113</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">128,251</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">44,627</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">146</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">20,678</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">5,705</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,754</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,731</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">909</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">37,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(244,244,244); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">42,853</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(1,089</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">11,708</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">9,931</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(23,447</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">39,956</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b>23</b><!-- Field: /Sequence --> of <b>24</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D"><I></I></P>

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

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

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

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: left; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>GEOGRAPHIC INFORMATION</B></FONT> </P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">March 31</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F3F3F3">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">United States</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">592,712</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F3F3F3">417,239</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,504,135</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,429,553</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Canada</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">119,259</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">90,500</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">81,077</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">81,316</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">Euro currency countries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">82,770</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">64,208</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">258,872</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">289,633</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Australia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">47,731</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">53,933</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">72,891</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">81,418</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">United Kingdom</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">36,979</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">33,994</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">67,135</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">77,266</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">China</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">21,414</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">22,244</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">8,917</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">8,370</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">100,047</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">92,796</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">151,256</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">178,099</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Consolidated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">1,000,912</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F3F3F3">774,914</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">2,144,283</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,145,655</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD STYLE="text-align: justify"><B>Subsequent events</B></TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On April 1, 2022, the
Company completed the acquisitions of Antirion SGR S.p.A. and its Italy affiliate (which collectively consists of Colliers International
Italia S.p.A., Collies Real Estate Services Italia S.R.L and Colliers Real Estate Management Services S.R.L.).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On May 4, 2022, the
Company announced it had entered into an agreement to acquire a controlling interest in Rockwood Capital, LLC. It is expected that the
acquisition will be accounted for using the acquisition method of accounting for business combinations. The transaction is expected to
close in the third quarter of 2022, subject to applicable closing conditions and approvals, for an aggregate initial purchase price of
$195,000.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">During the period from
April 1, 2022, to April 25, 2022, the Company repurchased 398,900 Subordinate Voting Shares for consideration of $49,687 for cancellation.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On April 25, 2022, the
Company renewed its AR Facility with two third-party financial institutions and expanded the committed availability to $150,000, from
$125,000, with a term of 364 days extending to April 24, 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #4A4A4D">On April 26, 2022, the
Company entered into an amendment to extend the maturity date of Facility C to May 27, 2022, with the same interest of LIBOR plus 1.60%
and borrowing capacity of $150,000.</P>



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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D">For the three months ended March 31, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">May 6, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D"><I>The following management&rsquo;s
discussion and analysis (&ldquo;MD&amp;A&rdquo;) should be read together with the unaudited consolidated financial statements and the
accompanying notes (the &ldquo;Consolidated Financial Statements&rdquo;) of Colliers International Group Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo;
&ldquo;our,&rdquo; the &ldquo;Company&rdquo; or &ldquo;Colliers&rdquo;) for the three months ended March 31, 2022 and the Company&rsquo;s
audited consolidated financial statements and MD&amp;A for the year ended December 31, 2021. The consolidated financial statements have
been prepared in accordance with generally accepted accounting principles in the United States (&ldquo;GAAP&rdquo;). All financial information
herein is presented in United States dollars.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D"><I>The Company has prepared this
MD&amp;A with reference to National Instrument 51-102 &ndash; Continuous Disclosure Obligations of the Canadian Securities Administrators
(the &ldquo;CSA&rdquo;). Under the U.S./Canada Multijurisdictional Disclosure System, the Company is permitted to prepare this MD&amp;A
in accordance with the disclosure requirements of Canada, which requirements are different from those of the United States. This MD&amp;A
provides information for the three months ended March 31, 2022 and up to and including May 6, 2022.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D"><I>This MD&amp;A includes references
to &ldquo;local currency revenue growth rate&rdquo;, &ldquo;internal revenue growth rate&rdquo;, &ldquo;adjusted EBITDA&rdquo;, &ldquo;adjusted
EPS&rdquo;, and &ldquo;assets under management (&ldquo;AUM&rdquo;)&rdquo;, which are financial measures that are not calculated in accordance
with GAAP. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures, see &ldquo;Reconciliation
of non-GAAP financial measures&rdquo;.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Our consolidated revenues for
the first quarter ended March 31, 2022 were $1.0 billion, an increase of 29% versus the prior year period (31% in local currency). The
increase was driven by (i) strong internal growth in all service lines, led by Investment Management; and (ii) the favourable impact of
recent acquisitions. Diluted loss per share was $0.42 and included a $26.1 million loss on disposal of the Company&rsquo;s Russian operations
(see below) as well as higher non-controlling interest redemption increment due to strong earnings growth in our non-wholly owned subsidiaries.
Adjusted earnings per share, which exclude the loss on disposal of Russian subsidiaries, restructuring costs, non-controlling interest
redemption increment and amortization of intangible assets (see &ldquo;Reconciliation of non-GAAP financial measures&rdquo; below) were
$1.44, up 38% from $1.04 in the prior year quarter. The increase was driven by (i) strong operating results, and (ii) lower tax rate,
partially offset by the dilutive impact on share count from the settlement of the Long-Term Incentive Arrangement (&ldquo;LTIA&rdquo;)
with the Company&rsquo;s Chairman and CEO on April 16, 2021. GAAP net earnings per share and adjusted net earnings per share for the three
months ended March 31, 2022 were impacted approximately $0.02 and $0.02, respectively, from changes in foreign exchange rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">During the three months ended
March 31, 2022, the Company acquired controlling interests in two businesses operating in the Americas; a civil engineering, design and
survey firm headquartered in San Antonio, Texas and the Colliers affiliate for Cincinnati and Cleveland, Ohio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">In April 2022, the Company completed
the acquisition of 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 $4 billion, and its 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.).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">In March 2022, Colliers discontinued
its operations in Russia and terminated its affiliate in Belarus. The disposal of the Company&rsquo;s controlling interest in these operations
resulted in a loss of $26.1 million, the majority of which was attributable to the realization of accumulated foreign currency translation
losses. The loss was not tax deductible and was substantially all non-cash.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Subsequent to quarter end, the
Company entered into a definitive agreement to acquire a 65% interest in Rockwood Capital, LLC (&ldquo;Rockwood&rdquo;), a US real estate
investment management firm with approximately $12 billion of assets under management. The transaction is subject to customary closing
conditions and is expected to close in the third quarter of 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">For the three months ended March
31, 2022, local currency revenue growth was driven by all service lines, led by Investment Management.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic">(in thousands of US$)</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Change</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Change</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(LC = local currency)</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">in US$ %</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">in LC%</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D; text-align: left">Outsourcing &amp; Advisory</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; font-weight: bold; text-align: right">414,545</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; text-align: right; background-color: #F2F2F2">340,116</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">22</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">%</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">24</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Investment Management <SUP>(1)</SUP></FONT></TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">86,377</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">44,627</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">94</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">94</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Leasing</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">237,272</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">179,661</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">32</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">34</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Capital Markets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">262,718</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">210,510</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">25</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">27</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total revenues</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1,000,912</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: #F2F2F2">774,914</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">29</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">%</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">31</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">%</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><I><SUP>(1)</SUP>
Investment Management local currency revenues, excluding pass-through carried interest, were up 38% for the three months ended March
31, 2022</I></FONT></P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Results of operations &ndash;
three months ended March 31, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">For the first quarter ended March
31, 2022, revenues were $1.0 billion, 29% higher than the comparable prior year quarter (31% in local currency). Internally generated
revenues were up 27%, driven by robust transaction activity, particularly in industrial and multifamily assets classes. Acquisitions contributed
4% to local currency revenue growth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Operating earnings for the first
quarter were $40.8 million relative to $40.0 million in the prior year quarter. Operating earnings margin was 4.1% versus 5.2% in the
prior year quarter with operating leverage from higher revenues and favourable service mix offset by a $26.1 million loss on disposal
of the Company&rsquo;s Russian operations. Adjusted EBITDA (see &ldquo;Reconciliation of non-GAAP financial measures&rdquo; below) was
$121.5 million up 32% versus $92.1 million reported in the prior year quarter. Adjusted EBITDA margin was 12.1% in the quarter as compared
to 11.9% in the prior year quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Depreciation expense was $12.0
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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Amortization expense was $24.6
million, versus $27.4 recorded in the prior year quarter with the decrease largely attributable to timing of certain acquisitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Net interest expense was $6.3
million, versus $8.3 million recorded in the prior year quarter. The average interest rate on debt during the period was 3.1%, relative
to 3.5% in the prior year quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Earnings from equity investments,
including other income, for the first quarter were $3.2 million as compared to $2.0 million in the prior year quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Consolidated income tax expense
for the quarter was $16.3 million, relative to $8.8 million in the prior year quarter. The current quarter&rsquo;s effective tax rate
of 43.4%, compared to 26.5% in the prior year quarter, was impacted 17.9% by the loss on the disposal of the Company&rsquo;s controlling
interest in its Russian operations, which is not tax deductible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">The net earnings for the quarter
were $21.3 million versus $24.8 million in the prior year quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Revenues in the Americas region
totalled $641.7 million for the first quarter, up 35% (35% in local currency) versus $475.8 million in the prior year quarter. Revenue
growth was evenly distributed across all services lines. Leasing and Capital Markets activity was strong, particularly in industrial,
land and multifamily asset classes. Outsourcing &amp; Advisory revenues increased on solid growth in Engineering &amp; Design (including
recent acquisitions), Valuation and Loan Servicing. Adjusted EBITDA was $81.1 million, up 42% (43% in local currency) over the prior year
quarter on higher revenues. GAAP operating earnings were $61.3 million, relative to $42.9 million in the prior year quarter.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Revenues in the EMEA region totalled
$153.3 million for the first quarter, up 22% (30% in local currency) compared to $126.1 million in the prior year quarter with solid growth
across all service lines. Leasing and Capital Markets benefitted from solid transaction activity while Outsourcing &amp; Advisory revenue
growth was driven by a strong recovery in project management revenues. Foreign exchange headwinds negatively impacted revenue growth by
8%. Adjusted EBITDA was $4.9 million, up 9% (23% in local currency) over the prior year. GAAP operating loss was $30.8 million and included
the loss on disposal of the Company&rsquo;s Russian operations, versus an operating loss of $1.1 million in the prior year quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Revenues in the Asia Pacific region
totalled $119.4 million for the first quarter compared to $128.3 million in the prior year quarter, down 7% (down 3% in local currency).
Revenue growth was impacted primarily by the impact of COVID-19 lockdowns in several Asian markets. Foreign exchange headwinds negatively
impacted revenue growth by 4%. Adjusted EBITDA was $10.2 million, down from $15.5 million in the prior year quarter. GAAP operating earnings
were $8.2 million, versus $11.7 million in the prior year quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Investment Management revenues
for the first quarter were $86.4 million compared to $44.6 million in the prior year quarter, up 94% (94% in local currency). Passthrough
revenue from historical carried interest represented $24.7 million for the quarter versus nil in the prior year quarter. Excluding the
impact of carried interest, revenue was up 38% (38% in local currency) driven by management fee growth from increased assets under management.
Adjusted EBITDA was $26.8 million, up 51% (51% in local currency) over the prior year quarter on operating leverage from higher revenues.
GAAP operating earnings were $17.2 million in the quarter, versus $9.9 million in the prior year quarter. Assets under management were
$52.4 billion on March 31, 2022, up 26% from $41.6 billion on March 31, 2021. Including Antirion, completed on April 1, 2022, assets under
management are now $57 billion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4A">Unallocated global corporate costs
as reported in Adjusted EBITDA were $1.5 million in the first quarter, relative to $2.6 million in the prior year quarter. The corporate
GAAP operating loss for the quarter was $15.1 million relative to a loss of $23.4 million in the first quarter of 2021, with the prior
year period impacted by contingent acquisition consideration expense related to acquisitions.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>Summary of quarterly results - years ended December 31, 2022, 2021 and 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q1</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q2</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q3</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q4</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Year ended December 31, 2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; color: #4A4A4D">Revenues</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">1,000,912</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">40,834</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Basic net earnings (loss) per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(0.42</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Diluted net earnings (loss) per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(0.42</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Year ended December 31, 2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Revenues</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">945,994</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1,022,756</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1,345,465</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">39,956</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(385,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">75,966</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">138,354</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">50,496</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">99,741</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Basic net earnings (loss) per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(10.53</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.41</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.98</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Diluted net earnings (loss) per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(10.53</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.40</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.92</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold">Year ended December 31, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Revenues</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">630,628</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">550,206</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">692,307</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">913,716</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">18,537</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">14,523</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">52,074</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">79,443</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,458</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">6,483</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">31,979</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">49,568</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Basic net earnings (loss) per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.12</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(0.26</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.53</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.84</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Diluted net earnings (loss) per common share</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">(0.26</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.52</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">0.80</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">Other data*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted EBITDA - 2022</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">121,461</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted EBITDA - 2021</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">92,129</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">136,558</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">123,641</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">192,010</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted EBITDA - 2020</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">54,454</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">59,962</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">92,120</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">154,906</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted EPS - 2022</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1.44</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Adjusted EPS - 2021</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">1.04</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1.58</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">1.27</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">$</TD><TD STYLE="color: #4A4A4D; text-align: right">2.25</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Adjusted EPS - 2020</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">0.54</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">0.70</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1.08</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">1.79</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><I>*See &quot;Reconciliation of non-GAAP financial measures&quot;</I></FONT></P>


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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">2022 outlook</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">The Company is increasing its
outlook for full year 2022 to reflect strong first quarter operating results as well as the impact of acquisitions. The 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, but
not limited to, numerous macroeconomic, health, social, geopolitical (including escalation of hostilities, outbreak of war, elections,
disruption of supply chains) and related factors. The outlook does not include the impact of the Rockwood acquisition.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #21A6DC"><B>Measure</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #21A6DC"><B>Updated</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: #25408F 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #21A6DC"><B>Previous</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>Revenue growth</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D">Low double digit revenue growth:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -7.1pt; color: #4A4A4D"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    Mid to high-single digit internal growth</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -7.1pt; color: #4A4A4D"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    Balance from previously announced acquisitions (including KFW, Colliers Cincinnati and Cleveland, Antirion, Colliers Italy and Basalt)</FONT></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4A4D">High single digit revenue growth:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -7.1pt; color: #4A4A4D"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    Mid-single digit internal growth </FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -7.1pt; color: #4A4A4D"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
    Balance from previously announced acquisitions (including Antirion, Colliers Italy and Basalt)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>AEBITDA Margin</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Up 40 bps &ndash; 80 bps</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Up 40 bps &ndash; 60 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>Consolidated income tax rate</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">25%-27%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">26%-28%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>NCI share of earnings</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">18%-20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">18%-20%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #25408F 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><B>AEPS growth</B></FONT></TD>
    <TD STYLE="border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">High-teens</FONT></TD>
    <TD STYLE="border-bottom: #25408F 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Mid-teens</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Net cash used in operating activities
for the three months ended March 31, 2022, was $280.7 million, versus $38.1 million in the prior year quarter. The increase was driven
by (i) the impact of the AR facility (shown in both operating and investing activities); (ii) payments of accrued compensation; as well
as (iii) $59.6 million of contingent acquisition consideration paid. We believe that cash from operations and other existing resources,
including our $1.0 billion multi-currency revolving credit facility (the &ldquo;Revolving Credit Facility&rdquo;), will continue to be
adequate to satisfy the ongoing working capital needs of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">For the three months ended March
31, 2022, capital expenditures were $9.8 million (2021 - $22.1 million). Capital expenditures for the year ending December 31, 2022, are
expected to be $75-$80 million, with the increase primarily attributable to investments in office space in major markets, some of which
were deferred from 2021 and are expected to be funded by cash on hand.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Net indebtedness as at March 31,
2022 was $483.9 million, versus $134.3 million at December 31, 2021. Net indebtedness is calculated as the current and non-current portion
of long-term debt (excluding the Convertible Notes and warehouse credit facilities, in accordance with our debt agreements) less cash
and cash equivalents. As of March 31, 2022, the Company&rsquo;s financial leverage ratio expressed in terms of net debt to pro forma Adjusted
EBITDA was 0.9x (0.3x as of December 31, 2021), relative to a maximum of 3.5x permitted under our debt agreements. Including the Convertible
Notes, our net indebtedness as at March 31, 2022 was $709.5 million. We were in compliance with the covenants contained in our debt agreements
as at March 31, 2022 and, based on our outlook for 2022, we expect to remain in compliance with these covenants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">As of March 31, 2022, the Company
had $796.0 million of unused credit under its committed revolving credit facility maturing in April 2024.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">On April 25, 2022, the Company
renewed its AR Facility with two third-party financial institutions and expanded the committed availability to $150,000 from $125,000,
with a term of 364 days extending to April 24, 2023, and includes selected US and Canadian trade accounts receivable. 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. As of March 31, 2022, the Company had drawn $122.6 million under the AR Facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">During 2021 and 2022, the Company
acquired certain real estate assets in connection with the establishment of new Investment Management funds. The real estate assets, as
well as corresponding liabilities, will be transferred to the respective funds during 2022, without gain or loss. The Company recorded
the corresponding assets and liabilities on the balance sheet as of December 31, 2021, and as of March 31, 2022. The Company executed
a similar transaction in 2020 and expects to enter into similar transactions from time to time in the future to facilitate the formation
of new Investment Management funds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">On December 7, 2021, the Company&rsquo;s
Board of Directors announced an increase in semi-annual dividend to $0.15 per share to shareholders of record on December 31, 2021. These
semi-annual dividends are paid in cash after the end of the second and fourth quarters to shareholders of record on the last business
day of the quarter. The Company&rsquo;s policy is to pay dividends on its common shares in the future, subject to the discretion of our
Board of Directors. Total common share dividends paid by the Company during the three months ended March 31, 2022 were $6.6 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">During the first quarter, we invested
cash in acquisitions as follows: an aggregate of $52.5 million (net of cash acquired) in new business acquisitions, $26.0 million in acquisitions
of redeemable non-controlling interests in subsidiaries and $100.0 million in contingent consideration payments related to the 2018 Harrison
Street acquisition. All acquisitions during the year were funded from borrowings on the Revolving Credit Facility and cash on hand (See
Note 4 in our consolidated financial statements). In addition, the Company expects to fund previously announced acquisitions, which are
expected to close in 2022, from borrowings on the Revolving Credit Facility and cash on hand.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">In relation to acquisitions completed
during the past three years, we have outstanding contingent consideration, assuming all contingencies are satisfied and payment is due
in full, totalling $85.8 million as at March 31, 2022 (December 31, 2021 - $191.6 million). Unless it contains an element of compensation,
contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as
at March 31, 2022 was $59.9 million (December 31, 2021 - $154.7 million). Contingent consideration with a compensatory element is revalued
at each reporting period and recognized on a straight-line basis over the term of the contingent consideration arrangement. The liability
recorded on the balance sheet for the compensatory element of contingent consideration arrangements as at March 31, 2022 was $5.7 million
(December 31, 2021 - $5.1 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 March 31, 2022 will ultimately be paid.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">The following table summarizes
our contractual obligations as at March 31, 2022:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold">Contractual obligations</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: center">Payments due by period</TD><TD STYLE="color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9">(in thousands of US$)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">Less than</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right">After</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">1 year</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">1-3 years</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">4-5 years</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">5 years</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; color: #4A4A4D; text-align: left">Long-term debt</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">713,312</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">993</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">192,536</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; color: #4A4A4D; text-align: right">519,783</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Warehouse credit facilities</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">115,817</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">115,817</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">225,539</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">225,539</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest on long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">&nbsp;&nbsp;and Convertible Notes<SUP>1</SUP></FONT></TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">124,324</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">21,034</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">42,011</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">25,206</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">36,073</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Finance lease obligations</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">994</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">542</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">452</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Business combinations<SUP>2</SUP></FONT></TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">364,746</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">364,746</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Contingent acquisition consideration</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">59,943</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">27,624</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">30,161</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">2,047</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">111</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating leases obligations</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">517,339</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">96,882</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">159,970</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">104,843</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">155,644</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Purchase commitments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">60,177</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">13,099</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">24,155</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">19,654</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right">3,269</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Co-investment Commitments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">20,508</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">20,508</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total contractual obligations</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right">2,202,699</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">661,245</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">449,285</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">377,289</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">714,880</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>1.</I></TD><TD><I>Figures do not include interest payments for borrowings under the Revolving Credit Facility. Assuming the Revolving Credit Facility
is held until maturity, using current interest rate, we estimate that we will make $5.6 million of interest payments, $2.7 million of
which will be made in the next 12 months.</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>2.</I></TD><TD><I>Business combinations include the acquisitions of Antirion and Colliers Italy, which closed on April 1, 2022, and Basalt Infrastructure,
which is expected to close in the second half of 2022.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">At March 31,
2022, we had commercial commitments totaling $12.0 million comprised of letters of credit outstanding due to expire within one year.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">The total value
of the RNCI (the &ldquo;redemption amount&rdquo;), as calculated in accordance with shareholders&rsquo; agreements, was $519.8 million
as of March 31, 2022 (December 31, 2021 - $513.3 million). The amount recorded on our balance sheet under the caption &ldquo;redeemable
non-controlling interests&rdquo; is the greater of (i) the redemption amount (as above) or (ii) the amount initially recorded as RNCI
at the date of inception of the minority equity position. As at March 31, 2022, the RNCI recorded on the balance sheet was $541.2 million
(December 31, 2021 - $536.9 million). The purchase prices of the RNCI may be paid in cash or in Subordinate Voting Shares of Colliers.
If all RNCI were redeemed in cash, the pro forma estimated accretion to diluted net earnings per share for the three months ended March
31, 2022 would be $0.81, and the accretion to adjusted EPS would be $0.08.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; 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 eight critical accounting estimates, which are discussed below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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, loan servicing 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b><b>8</b></b><!-- Field: /Sequence --> of <b>15</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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 would suggest a potential decrease in fair value, the determination of fair value is calculated 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><I>Mortgage servicing rights (&ldquo;MSRs&rdquo;).</I> MSRs, or the rights to service mortgage loans for
others, result from the sale or securitization of loans originated by the Company and are recognized as intangible assets on the Consolidated
Balance Sheets. The Company initially recognizes MSRs based on the fair value of these rights on the date the loans are sold. Subsequent
to initial recognition, MSRs are amortized and carried at the lower of amortized cost or fair value. They are amortized in proportion
to and over the estimated period that net servicing income is expected to be received based on projections and timing of estimated future
net cash flows.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><I>Allowance for credit loss reserves.</I> Colliers Mortgage is obligated to share in losses, if any,
related to mortgages originated under the Fannie Mae Delegated Underwriting and Servicing (&ldquo;DUS&rdquo;) Program. These obligations
expose the Company to credit risk on mortgage loans for which the Company is providing underwriting, servicing, or other services under
the DUS Program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the
Company is subject to sharing up to one-third of incurred losses on loans originated under the DUS Program. As of March 31, 2022, the
Company has funded and sold loans subject to such loss sharing obligations with an aggregate unpaid principal balance of approximately
$4.5 billion. As at March 31, 2022, the Loss Reserve was $16.1 million (December 31, 2021 - $15.8 million) and was included within Other
liabilities on the Consolidated Balance Sheets.</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">24,807</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Income tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">16,327</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">8,847</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Other income, including equity earnings from non-consolidated investments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(3,128</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(1,982</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">6,318</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">8,284</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">40,834</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">39,956</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Loss on disposal of Russian operations</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">26,090</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">36,640</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">37,777</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(5,297</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(9,075</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Equity earnings from non-consolidated investments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">3,160</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,406</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">15,083</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">18,847</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Restructuring costs</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">90</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">293</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Stock-based compensation expense</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">4,861</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,925</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted EBITDA</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">121,461</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">92,129</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b><b>10</b></b><!-- Field: /Sequence --> of <b>15</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">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. The &ldquo;if-converted&rdquo; method is dilutive for the adjusted EPS calculation for all periods presented.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">24,807</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(8,516</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(7,780</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest on Convertible Notes</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">2,300</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,300</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Loss on disposal of Russian operations</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">26,090</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Amortization of intangible assets</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">24,591</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">27,338</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(5,297</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(9,075</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">15,083</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">18,847</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Restructuring costs</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">90</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">293</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Stock-based compensation expense</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">4,861</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,925</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Income tax on adjustments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(6,419</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(9,666</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Non-controlling interest on adjustments</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">(3,670</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(3,335</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted net earnings</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">70,430</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">46,654</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="color: #0C9ED9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in US$)</TD><TD STYLE="color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2021</TD><TD STYLE="border-bottom: Black 1pt solid; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #4A4A4D; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D">Diluted net earnings (loss) per common share<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; color: #4A4A4D; font-weight: bold; text-align: right">(0.38</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.10</TD><TD STYLE="white-space: nowrap; width: 1%; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Interest on Convertible Notes, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.04</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Non-controlling interest redemption increment</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.64</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.28</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Loss on disposal of Russian operations</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.53</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Amortization expense, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.30</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.37</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Gains attributable to MSRs, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">(0.06</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.11</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">0.27</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.30</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Restructuring costs, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left">Stock-based compensation expense, net of tax</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">0.10</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.06</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; font-weight: bold; text-align: left">Adjusted EPS</TD><TD STYLE="color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">1.44</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1.04</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Diluted weighted average shares for Adjusted EPS (thousands)</TD><TD STYLE="color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: right">48,791</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #4A4A4D; text-align: right; background-color: #F2F2F2">44,387</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #4A4A4D"><I><SUP>(1)</SUP> Amounts shown reflect the &quot;if-converted&quot; method's dilutive impact on the adjusted EPS calculation for the three months ended March 31, 2022 and 2021.</I></FONT></P>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Adjusted EBITDA from recurring
revenue percentage is computed on a trailing twelve-month basis and represents the proportion of adjusted EBITDA that is derived from
Outsourcing &amp; Advisory and Investment Management service lines. Both these service lines represent medium to long-term duration revenue
streams that are either contractual or repeatable in nature. We report this metric on a pro forma basis, incorporating the expected full
year impact of business acquisitions and dispositions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: justify; color: #4A4A4D"><B>Recently adopted
accounting guidance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: justify; text-indent: -0.7pt; color: #4A4A4D"><I>Debt
with Conversion Options</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: justify; color: #4A4A4D">In August 2020, the
FASB issued ASU No. 2020-06, <I>Debt- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &ndash; Contracts
in Entity&rsquo;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contract in an Entity&rsquo;s Own Equity.</I>
The ASU simplifies the accounting for convertible instruments and reduces the number of embedded conversion features being separately
recognized from the host contract as compared to current GAAP. The ASU also enhances information transparency through targeted improvements
to the disclosures for convertible instruments and earnings-per-share guidance. The Company adopted the guidance effective January 1,
2022. The adoption of the standard did not have a material impact on the Company&rsquo;s consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: justify; text-indent: -0.7pt; color: #4A4A4D"><I>Reference
Rate Reform</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt; text-align: justify; color: #4A4A4D">The FASB has issued
two ASUs 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 various tenors of the London Interbank Offered Rates (&ldquo;LIBOR&rdquo;)
being discontinued between December 31, 2021 and June 30, 2023, a significant volume of contracts and other arrangements will be impacted
by the transition required to alternative reference rates. The ASUs 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 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 ASUs to facilitate an orderly transition to alternative reference rates and their potential impacts
on its consolidated financial statements and disclosures.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">We use financial instruments as
part of our strategy to manage the risk associated with interest rates and currency exchange rates. We do not use financial instruments
for trading or speculative purposes. 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 the interest rate swaps as cash flow hedges at the
inception of the respective interest rate swaps. On July 1, 2021, the Company de-designated 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">As at March 31, 2022, the Company
had $5.2 million of loans receivable from non-controlling shareholders (December 31, 2021 - $4.0 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 4.2%.
These loans are due on demand or mature on various dates up to 2028, but are open for repayment without penalty at any time.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">As of the date hereof, the Company
has outstanding 41,951,236 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. In addition, as at the date hereof 2,339,000
Subordinate Voting Shares are issuable upon exercise of options granted under the Company&rsquo;s stock option plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">On July 16, 2021, the Company
announced a normal course issuer bid (&ldquo;NCIB&rdquo;) effective from July 20, 2021 to July 19, 2022. The Company is entitled to repurchase
up to 3,200,000 Subordinate Voting Shares on the open market pursuant to the NCIB. During the period from March 3, 2022 to April 25, 2022,
the Company purchased, 999,439 Subordinate Voting Shares for total consideration of $126.4 million under its NCIB at a weighted average
purchase price of $126.42 per share. Under the NCIB, all shares are purchased for cancellation.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Disclosure controls and procedures
are designed to provide reasonable assurance that information required to be disclosed in reports filed or submitted by us under U.S.
and Canadian securities legislation is recorded, processed, summarized and reported within the time periods specified in those rules,
and include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted by us under
U.S. and Canadian securities legislation is accumulated and communicated to management, including the Chief Executive Officer and Chief
Financial Officer, as appropriate, to permit timely decisions regarding required disclosure. Management, including the Chief Executive
Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures,
as defined in the rules of the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, as at March 31, 2022.
Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures
were effective as at March 31, 2022.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting,
no matter how well-designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable
assurance with respect to financial statement preparation and presentation. Management has used the Committee of Sponsoring Organizations
of the Treadway Commission (COSO) 2013 framework to evaluate the effectiveness of our internal control over financial reporting. Based
on this assessment, management has concluded that as at March 31, 2022, our internal control over financial reporting was effective.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">During the three months ended
March 31, 2022, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably
likely to materially affect, the Company&rsquo;s internal control over financial reporting.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">We continue to monitor the ongoing
impact of the global COVID-19 pandemic on all aspects of our business, including how it will impact our clients, employees, and services.
Operating during the global pandemic exposes the Company to multiple risks which, individually or in the aggregate, could have a material
adverse effect on the Company&rsquo;s business, financial condition, results of operations and cash flows.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39pt">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 21pt; text-align: right"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The escalation of the Russia-Ukraine
conflict and its impact on our business, particularly in neighbouring Central and Eastern European countries, as well as related supply
chain disruptions and commodity price volatility.</FONT></TD>
</TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b><b>14</b></b><!-- Field: /Sequence --> of <b>15</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; color: #4A4A4D">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 21pt; text-align: right"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The COVID-19 pandemic and its related
impact on global, regional and local economic conditions, and in particular its impact on client demand for our services, our ability
to deliver services and ensure the health and productivity of our employees.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Rising inflation and its impact on compensation
costs, hiring and retention of talent, and the Company&rsquo;s ability to recover costs from our clients.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continuing evolution of global climate change
policy and its tangible and intangible impact on our operations, employees and clients.</FONT></TD></TR></TABLE>

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo --><b><b>15</b></b><!-- Field: /Sequence --> of <b>15</b></FONT></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Additional information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Additional information about Colliers,
including our Annual Information Form for the year ended December 31, 2021, is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Further information about us can also be obtained at www.colliers.com.</P>

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

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