<SEC-DOCUMENT>0001171843-22-007134.txt : 20221104
<SEC-HEADER>0001171843-22-007134.hdr.sgml : 20221104
<ACCEPTANCE-DATETIME>20221104163029
ACCESSION NUMBER:		0001171843-22-007134
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221104
DATE AS OF CHANGE:		20221104

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:		221362708

	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_110422.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0; font-size: 10pt; font-weight: bold; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0">For the month of: November 2022</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify; width: 50%">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Date: November 4, 2022</TD>
    <TD STYLE="font-style: italic; text-decoration: underline">/s/ Christian Mayer&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">Name: Christian Mayer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD><B>Exhibit</B></TD><TD STYLE="text-align: justify"><B>Description of Exhibit</B></TD></TR>
                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                             <TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"><A HREF="exh_991.htm">99.1</A></TD><TD STYLE="text-align: justify; width: 93%"><A HREF="exh_991.htm">Interim consolidated financial statements and management&rsquo;s discussion &amp; analysis for the three month and nine month periods ended September 30, 2022.</A></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0; color: #4A4A4D"><FONT STYLE="font-size: 12pt"><B>COLLIERS INTERNATIONAL</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0; color: #4A4A4D"><FONT STYLE="font-size: 12pt"><B>GROUP INC.</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt"><B>INTERIM CONSOLIDATED
FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt"><B>(unaudited)</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt"><B>Third Quarter</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0 0 10pt; color: #4A4A4D"><FONT STYLE="font-size: 12pt"><B>September 30, 2022</B></FONT></P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; text-align: center; color: #4A4A4D"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; text-align: center; color: #4A4A4D"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
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    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F; font-weight: bold">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars, except per share amounts)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Revenues (note 21)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,108,324</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">1,022,756</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,237,082</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">2,743,664</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Cost of revenues (exclusive of depreciation
        and <BR> amortization shown below)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">682,585</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">645,123</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,017,440</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">1,689,505</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Selling, general and administrative expenses</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">269,959</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">252,848</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">786,953</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">695,374</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Depreciation</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,382</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">11,440</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">36,249</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">32,920</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization of intangible assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">32,760</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">23,148</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">89,630</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">74,019</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items (note 7)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">26,290</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">14,231</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,738</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">49,773</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Settlement of long-term incentive arrangement ("LTIA") (note 17)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">471,928</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Loss on disposal of operations (note 5)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">318</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,358</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">84,030</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">75,966</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">228,714</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(269,855</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest expense, net</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">13,535</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">8,300</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,424</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">24,500</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Earnings from equity accounted investments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(755</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(1,487</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,821</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(4,625</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other (income) expense</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,629</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(114</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,505</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(922</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Earnings (loss) before income tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">69,621</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">69,267</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">202,606</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(288,808</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Income tax expense (note 18)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">25,097</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">18,771</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">70,034</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">48,490</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,524</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">132,572</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(337,298</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Non-controlling interest share of earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">17,375</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">13,623</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">37,697</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">33,148</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interest redemption increment
        (note 14)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">15,121</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">18,869</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">71,126</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">63,180</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net earnings (loss) attributable to Company</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,028</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">18,004</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,749</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(433,626</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Net earnings (loss) per common share (note 15)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Basic</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>$</B></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>0.28</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$</FONT></TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">0.41</FONT></TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>$</B></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>0.55</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$</FONT></TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">(10.19</FONT></TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Diluted</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><B>$</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>0.27</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">0.40</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><B>$</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>0.54</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">(10.19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"><B>The accompanying notes are an integral part of these interim consolidated financial statements.</B></P>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F; font-weight: bold">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,524</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">132,572</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">(337,298</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Change in foreign currency translation</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(13,570</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(5,093</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(28,390</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(8,654</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left"></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Reclassification of accumulated foreign
        currency translation<BR> on disposal of operations (note 5)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">820</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">19,092</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain on interest rate swaps, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,087</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">2,024</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,011</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">3,854</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Pension liability adjustments, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Comprehensive earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">36,861</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">47,427</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">129,294</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(342,098</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Less:
        Comprehensive earnings attributable to non-<BR> controlling interests</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42,226</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">32,450</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">127,603</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">96,633</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Comprehensive earnings (loss) attributable to
        Company</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,365</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">14,977</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,691</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(438,731</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  </TABLE>

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

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

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

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; color: #25408F; font-weight: bold">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED BALANCE SHEETS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; color: #25408F">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>September
        30,<BR> 2022</B></FONT></TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>December
        31,<BR> 2021</B></FONT></TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #0C9ED9"><B>(note
        2)</B></FONT></TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">Assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Current assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; color: #4A4A4D; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">190,520</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">396,745</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restricted cash</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,920</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">28,526</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accounts receivable, net of allowance of $24,940 (December 31, 2021 - $22,413)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">481,104</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">502,416</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract assets (note 21)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">76,150</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">71,294</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse receivables (note 19)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">103,855</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">174,717</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax recoverable</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,724</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">13,373</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Prepaid expenses and other current assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">263,039</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">339,847</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Real estate assets held for sale (note 6)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">209,906</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">44,089</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,368,218</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,571,007</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other receivables</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,657</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">12,441</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract assets (note 21)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,522</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">7,647</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">130,440</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">99,983</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Fixed assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">147,817</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">144,755</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating lease right-of-use assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">335,072</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">316,517</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Deferred tax assets, net</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">67,735</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">68,502</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Intangible assets (note 8)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">891,464</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">561,830</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Goodwill</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,600,724</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,091,048</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,193,431</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,302,723</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,561,649</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,873,730</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Liabilities and shareholders' equity</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Current liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accounts payable and accrued expenses</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">407,519</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">391,170</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accrued compensation</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">531,556</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">691,604</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax payable</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,628</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">35,446</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract liabilities (note 21)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">34,648</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">30,397</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt - current (note 9)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,782</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">1,458</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration - current (note 19)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">31,900</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">120,246</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse credit facilities (note 11)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,420</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">162,911</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating lease liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">79,530</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">80,928</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Liabilities related to real estate assets held
        for sale (note 6)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">120,834</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23,095</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,325,817</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,537,255</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt (note 9)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,149,483</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">529,596</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration (note 19)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42,022</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">34,425</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating lease liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">318,563</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">296,633</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">91,752</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">86,064</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Deferred tax liabilities, net</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">57,107</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">42,371</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible notes (note 10)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">226,199</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">225,214</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,885,126</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,214,303</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Redeemable non-controlling interests (note 14)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">869,408</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">536,903</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Shareholders' equity</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Common shares</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">846,634</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">852,167</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contributed surplus</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">98,421</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">79,407</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Deficit</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(375,685</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(279,724</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Accumulated other comprehensive loss</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(92,309</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(70,251</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Total Company shareholders' equity</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">477,061</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">581,599</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interests</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,237</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,670</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total shareholders' equity</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">481,298</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">585,269</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,561,649</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,873,730</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Commitments and contingencies and subsequent events (note 20 and
        note 23)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; width: 74%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="8" STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">The accompanying notes are an integral part of
        these interim consolidated financial statements.</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"></TD></TR>
  </TABLE>

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

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  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #25408F; font-weight: bold">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #25408F">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars, except share information)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine months
        ended September 30, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Issued and</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">other</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Non-</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Total</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">outstanding</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Contributed</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">comprehensive</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">controlling</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">shareholders'</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Amount</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">surplus</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Deficit</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">loss</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">interests</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">equity</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2021</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">44,054,744</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">852,167</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">79,407</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(279,724</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(70,251</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,670</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">585,269</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">132,572</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">132,572</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Pension liability adjustment, <BR> net
        of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(28,390</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(28,390</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain on interest rate <BR>
        swaps, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,011</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,011</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings<BR> attributable
        to NCI</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(18,780</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(73</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(18,853</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(37,697</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,023</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(35,674</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(71,126</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(71,126</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(964</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(964</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Reclass to net earnings on disposal
        <BR> of operations (note 5)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(93</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">19,092</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(419</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,580</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Subsidiaries&rsquo; equity transactions</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,417</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,417</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,081</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,081</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock options exercised</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">240,625</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">15,754</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,391</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,363</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Dividends</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,493</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,493</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Purchased for cancellation
        (note 15)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(1,087,839</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(21,287</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(113,217</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(134,504</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, September 30, 2022</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,207,530</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">846,634</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">98,421</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(375,685</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(92,309</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,237</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">481,298</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months
        ended September 30, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Issued and</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">other</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Non-</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Total</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">outstanding</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Contributed</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">comprehensive</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">controlling</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">shareholders'</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Amount</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">surplus</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Deficit</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">loss</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">interests</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">equity</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, June 30, 2022</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">43,276,930</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">846,953</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">94,060</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(381,307</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(74,916</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,165</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">488,955</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,524</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,524</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(13,570</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(13,570</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain on interest rate <BR>
        swaps, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,087</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,087</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings <BR> attributable
        to NCI</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(9,730</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(96</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(9,826</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(17,375</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">675</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(16,700</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(15,121</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(15,121</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(355</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(355</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Reclass to net earnings on disposal
        <BR> of operations (note 5)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">820</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(152</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">668</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Subsidiaries&rsquo; equity transactions</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(63</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(63</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,730</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,730</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock options exercised</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">19,000</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,413</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(306</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,107</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Purchased for cancellation
        (note 15)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(88,400</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(1,732</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(6,406</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(8,138</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, September 30, 2022</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,207,530</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">846,634</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">98,421</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(375,685</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(92,309</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,237</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">481,298</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="24" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="24" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="24" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #25408F">(Unaudited)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="24"><FONT STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars, except share information)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine
        months ended September 30, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: center">Common
        shares</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244)">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244)">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Issued and</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Retained</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">other</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Non-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Total</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">outstanding</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Contributed</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">earnings</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">comprehensive</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">controlling</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">shareholders'</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">shares</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Amount</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">surplus</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">(deficit)</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">loss</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">interests</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">equity</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); width: 30%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December
        31, 2020</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">40,189,436</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">457,993</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">66,971</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">119,421</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(61,979</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,703</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">586,109</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Net loss</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(337,298</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(337,298</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(8,654</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(8,654</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized
        gain on interest rate <BR> swaps, net of tax</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">3,854</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">3,854</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other
        comprehensive earnings<BR> attributable to NCI</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(305</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(301</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(606</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(33,148</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">1,839</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(31,309</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(63,180</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(63,180</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(782</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(782</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(42</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(42</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">8,180</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">8,180</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Stock options exercised</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">266,100</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">16,307</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(3,520</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">12,787</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Settlement of LTIA</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">3,572,858</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">375,742</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">375,742</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Dividends</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(2,199</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(2,199</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance,
        September 30, 2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,028,394</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">850,042</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">71,631</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(316,404</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(67,084</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,417</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">542,602</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three
        months ended September 30, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: center">Common
        shares</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Issued and</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">other</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Non-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Total</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">outstanding</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Contributed</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">comprehensive</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">controlling</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">shareholders'</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Amount</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">surplus</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">Deficit</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">loss</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">interests</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">equity</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); width: 30%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance,
        June 30, 2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">43,983,994</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">846,976</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">69,634</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(334,408</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(64,057</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,326</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">522,471</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(5,093</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(5,093</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized
        gain on interest rate <BR> swaps, net of tax</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">2,024</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">2,024</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other
        comprehensive earnings <BR> attributable to NCI</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">42</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(174</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(132</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(13,623</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">502</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(13,121</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(18,869</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(18,869</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(230</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(230</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(7</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(7</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Stock option expense</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">2,658</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">2,658</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Stock
        options exercised</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">44,400</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,066</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(661</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,405</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance,
        September 30, 2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,028,394</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">850,042</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">71,631</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(316,404</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(67,084</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,417</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">542,602</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0"><B>The accompanying notes are an integral part of these interim consolidated financial statements.</B></P>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F; font-weight: bold">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF CASH FLOWS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">ended September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">ended September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Cash provided by (used in)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Operating activities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,524</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">132,572</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">(337,298</TD>
    <TD STYLE="background-color: rgb(244,244,244); width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Items not affecting cash:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">45,142</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">34,588</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,879</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">106,939</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Settlement of long-term incentive arrangement (note 17)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">375,742</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Loss on disposal of operations (note 5)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">318</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,358</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Gains attributable to mortgage servicing rights</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(16,391</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(5,812</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(24,214</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(20,728</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; text-indent: -10pt; padding-left: 20pt">Gains attributable to the fair value
        of mortgage <BR> premiums and origination fees</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,264</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(12,516</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(14,818</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(34,799</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Deferred tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,005</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(10,953</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(16,198</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(33,457</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Earnings from equity accounted investments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(755</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(1,487</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,821</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(4,625</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Stock option expense (note 16)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,730</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">2,658</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,081</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">8,180</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Non-cash lease expense</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,124</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(1,002</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,860</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">16,489</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Allowance for credit losses</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,245</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">5,668</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,277</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">6,660</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Amortization of advisor loans</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,683</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">5,855</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,464</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">16,677</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Contingent consideration (note 7)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,746</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">11,469</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">35,741</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">40,505</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,640</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">2,616</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,440</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">3,176</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase in accounts receivable, prepaid expenses and other assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(78,228</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(60,389</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(416,155</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(139,622</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Increase (decrease) in accounts payable, accrued expenses and <BR>
other liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">857</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">73,779</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,489</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">75,558</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase (decrease) in accrued compensation</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,593</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">75,911</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(163,642</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">74,234</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,129</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(68,939</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(10,472</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Proceeds received on sale of mortgage loans</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">175,903</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">374,458</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">842,427</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">1,969,488</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Principal funded on originated mortgage loans</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(240,470</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(461,783</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(755,019</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(1,858,983</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Decrease in warehouse credit facilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">69,213</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">97,339</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(66,491</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(65,113</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Sales to AR Facility, net (note 12)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,364</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">11,629</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">151,217</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">22,521</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by (used in) operating activities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">76,840</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">192,524</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(171,470</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">211,072</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Investing activities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisitions of businesses, net of cash acquired (note 4)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(213,491</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(590</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(594,089</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(4,797</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchases of fixed assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(18,391</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(11,847</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(41,807</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(44,450</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Advisor loans issued</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(12,479</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(12,625</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(35,378</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(29,833</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchase of held for sale real estate assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(10,101</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(117,042</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(10,101</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Proceeds from sale of held for sale real estate assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">48,505</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Collections of AR facility deferred purchase price (note 12)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">88,627</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">11,563</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">345,056</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">34,295</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other investing activities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">57</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(1,522</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,691</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(5,103</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash used in investing activities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(155,677</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(25,122</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(403,446</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(59,989</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Financing activities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase in long-term debt</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">315,277</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">144,210</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">990,143</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">588,633</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Repayment of long-term debt</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(177,642</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(299,140</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(315,102</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(673,630</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchases of non-controlling interests' subsidiary shares, net</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,124</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">1,658</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(31,433</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(20,182</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(13,412</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(55,623</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(3,918</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Proceeds received on exercise of stock options</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,108</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">2,405</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,364</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">12,787</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Dividends paid to common shareholders</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(6,492</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(2,200</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(13,100</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(4,209</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions paid to non-controlling interests</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(13,179</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(8,270</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(54,733</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">(43,498</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Repurchases of Subordinate Voting Shares</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(126,366</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other financing activities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(165</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,106</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(165</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by (used in) financing activities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">107,776</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(161,502</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">403,044</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(144,182</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Effect of exchange rate changes on cash</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(19,953</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(3,996</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(37,959</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(4,963</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="16" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">COLLIERS INTERNATIONAL GROUP INC.</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="16" STYLE="font-size: 10pt; color: #25408F; text-align: left">CONSOLIDATED STATEMENTS OF CASH FLOWS</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="16" STYLE="text-align: left; font-size: 10pt; color: #25408F">(Unaudited)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="15" STYLE="font-size: 10pt; color: #25408F; text-align: left">(in thousands of US dollars)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Three months</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">Nine months</FONT></TD>
    <TD STYLE="background-color: White; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">ended September
        30</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center"><FONT STYLE="font-size: 10pt; color: #0C9ED9">ended September
        30</FONT></TD>
    <TD STYLE="background-color: White; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 48%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 10%">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 10%">2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 10%">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(244,244,244); font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; width: 10%">2021</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net change in cash, cash equivalents and restricted cash</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,986</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">1,904</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(209,831</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: right">1,938</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash,
        beginning of period</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">206,454</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">177,567</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">425,271</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">177,533</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash,
        end of period</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">215,440</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">179,471</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">215,440</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">179,471</TD>
    <TD STYLE="background-color: rgb(244,244,244); border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>1.</B></TD>
    <TD STYLE="text-align: justify"><B>Description of the business</B></TD> </TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Colliers International Group Inc. (&ldquo;Colliers&rdquo;
or the &ldquo;Company&rdquo;) provides commercial real estate professional services and investment management to corporate and institutional
clients in 34 countries around the world (63 countries including affiliates and franchisees). Colliers&rsquo; primary service lines are
Outsourcing &amp; Advisory, Investment Management, Leasing and Capital Markets. Operationally, Colliers is organized into four distinct
segments: Americas; Europe, Middle East and Africa (&ldquo;EMEA&rdquo;); Asia and Australasia (&ldquo;Asia Pacific&rdquo;) and Investment
Management.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>2.</B></TD>
    <TD STYLE="text-align: justify"><B>Summary of presentation</B></TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">These unaudited Interim Consolidated Financial Statements
(the &ldquo;Financial Statements&rdquo;) have been prepared by the Company in accordance with disclosure requirements for the presentation
of interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared
in accordance with generally accepted accounting principles (&ldquo;GAAP&rdquo;) in the United States of America have been condensed or
omitted in accordance with such disclosure requirements. 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-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; 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 &ldquo;Real
Estate Assets HFS&rdquo;) 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-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; 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 September 30, 2022 and the results
of operations and its cash flows for the three and nine months ended September 30, 2022 and 2021. All such adjustments are of a normal
recurring nature. The results of operations for the nine-month period ended September 30, 2022, are not necessarily indicative of the
results to be expected for the year ending December 31, 2022.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>3.</B></TD>
    <TD STYLE="text-align: justify"><B>Impact of recently issued accounting standards</B></TD> </TR>
  </TABLE>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>4.</B></TD>
    <TD STYLE="text-align: justify"><B>Acquisitions</B></TD> </TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">During the nine months ended September
30, 2022, the Company acquired controlling interests in eight businesses.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">In March 2022, the Company acquired
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-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">In April 2022, the Company completed
the acquisition of controlling interest in Antirion SGR S.p.A. (&ldquo;Antirion&rdquo;), a real estate investment management firm in Italy
and its Italy affiliate in EMEA (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-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">In May 2022, the Company acquired
a building consultancy and project management firm in EMEA (United Kingdom).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">In June 2022, the Company acquired
a 75% interest in Basalt Infrastructure Partners LLP (&ldquo;Basalt&rdquo;), a transatlantic infrastructure investment management firm,
based in London, operating in North America and Europe across the communications, transportation, energy / power, and utilities sub-sectors.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">In July 2022, the Company acquired
a 65% interest in Rockwood Capital, LLC (&ldquo;Rockwood&rdquo;), a U.S. real estate investment management firm with offices in New York,
Los Angeles, and San Francisco.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">In August 2022, the Company acquired
a controlling interest in PEAKURBAN Pty Limited, an engineering and design firm in Asia Pacific (Australia).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">As of September 30, 2022, the Company
has not completed its analysis to assign fair values to all the identifiable intangible and tangible assets acquired in 2022 and, therefore,
the Company may further refine the purchase price allocations for some of the 2022 business acquisitions during the open measurement periods.
The acquisition date fair value of consideration transferred, and the preliminary purchase price allocation was as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Aggregate</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Basalt</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Rockwood</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Other</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Acquisitions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Current assets, excluding cash</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">1,203</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">2,476</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">31,315</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">34,994</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,692</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">7,898</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">19,969</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">30,559</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Current liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,572</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9,818</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,588</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">61,978</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Long-term liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">5,151</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,019</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">45,952</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">55,122</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(21,828</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(3,463</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(26,256</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(51,547</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Cash consideration, net of cash acquired of $82,606</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">277,596</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">186,445</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">130,048</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">594,089</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Acquisition date fair value of contingent consideration</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">12,824</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">6,197</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">21,155</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,176</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total purchase consideration</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">290,420</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">192,642</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">151,203</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">634,265</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquired intangible assets (note 8)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Finite life</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">165,000</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">106,000</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">155,688</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">426,688</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Goodwill</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">251,523</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">198,862</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">127,552</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">577,937</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Redeemable non-controlling interest</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">104,275</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">108,757</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">105,781</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">318,813</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D">Certain balances included in the
assets and liabilities reported for June 30, 2022 were updated for changes to the estimated fair values in the preliminary purchase price
allocation. The change primarily consisted of a decrease in the estimated fair value of intangible assets acquired of $12,903 which resulted
in an increase to goodwill. The Company&rsquo;s Consolidated Statements of Earnings for previously reported periods was not materially
impacted by these changes. During the nine months ended September 30, 2022, the Company made no adjustments to its purchase consideration
for acquisitions completed in 2021.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">The purchase price allocations
of acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill are future growth prospects, assembled
workforces and synergies with existing operations. For acquisitions completed during the nine months ended September 30, 2022, goodwill
in the amount of $474,311 is deductible for income tax purposes (December 31, 2021 - $2,678).</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Unless it contains an element of compensation, contingent
consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at September
30, 2022, was $73,922 (December 31, 2021 - $154,671). See note 19 for discussion on the fair value of contingent consideration. Contingent
consideration where the seller is required to remain employed to be entitled to payment is considered to have a compensatory element and
is revalued at each reporting period and recognized on a straight-line basis over the term of the contingent consideration arrangement.
The liability recorded on the balance sheet for the compensatory element of contingent consideration arrangements as at September 30,
2022, was $42,597 (December 31, 2021 - $13,607). 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 $344,456 to a maximum of $403,655. These contingencies will expire during the period
extending to May 2027.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>5.</B></TD>
    <TD STYLE="text-align: justify"><B>Business disposals</B></TD> </TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; 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 Company also sold three individually insignificant
operations during the nine month period ended September 30, 2022 (EMEA - Morocco and Americas &ndash; Panama, Colombia). The proceeds
received from the disposals were de minimus and during the three and nine months periods the Company recognized an aggregated loss on
disposal of operations in the amount of $318 and $27,358 respectively.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Aggregate</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Disposals</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font-size: 10pt; color: #4A4A4D; text-align: left">Current assets, excluding cash</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,302</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Non-current assets, excluding goodwill</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,281</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Goodwill</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,052</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Current liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9,018</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(2,830</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Redeemable non-controlling interest</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(2,361</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net assets of disposed operations, excluding
        cash</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,426</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">The below table summarizes the calculation of the loss on disposal of operations:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font-size: 10pt; color: #4A4A4D; text-align: left">Cash consideration, net of disposed cash</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,352</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net assets of disposed operations, excluding cash</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,426</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Reclasses from Shareholder's equity to net earnings:</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right"></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Contributed surplus</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">93</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Non-controlling interest</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">419</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Accumulated foreign currency
        translation</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(19,092</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Loss on disposal of operations</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(27,358</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>6.</B></TD>
    <TD STYLE="text-align: justify"><B>Real estate assets held for sale</B></TD> </TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">From time to time, the Company&rsquo;s Investment
Management segment purchases real estate assets for placement into a fund. This typically occurs in the early stages of fundraising where
temporary liquidity is needed to fund investment opportunities that arise prior to the availability of fund capital. The 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-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; 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 &ldquo;2021
RE Assets&rdquo;). The Company sold the 2021 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.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">In May 2022, the Company acquired controlling interests
in a portfolio of land and buildings located in the United States and associated liabilities from unrelated parties (the &ldquo;May 2022
RE Assets&rdquo;). The Company sold the May 2022 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.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">In June 2022, the Company acquired controlling interests
in two portfolios of land and buildings located in the United States and associated liabilities from unrelated parties (the &ldquo;June
2022 RE Assets&rdquo;). The Company expects to sell the June 2022 RE Assets to a newly established closed-end fund which is managed by
the Company, without gain or loss, during the last quarter of 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">As is customary for closed-end funds, the Company
has a limited partner equity interest of between 1% and 2%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">During the period ended September 30, 2022, the effect
on net earnings related to real estate assets held for sale was nil (2021 - nil).</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 10pt; color: #0C9ED9; font-weight: bold">As at September 30,</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 10pt; color: #0C9ED9">As at December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: center">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Real estate assets held for sale</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; color: #4A4A4D; text-align: left">Real estate assets held for sale - current</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">209,906</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,089</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Liabilities related to real estate assets held
        for sale - current</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">120,834</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,095</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Net real estate assets held
        for sale</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">89,072</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,994</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>7.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>Acquisition-related items</B></FONT></TD> </TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Transaction costs</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,544</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">2,762</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,997</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">9,268</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent consideration fair value adjustments (note 19)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">16</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9,854</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,902</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,077</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Contingent consideration compensation expense</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,730</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,615</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">30,839</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,428</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">26,290</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">14,231</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,738</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">49,773</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>8.</B></TD>
    <TD STYLE="text-align: justify"><B>Intangible assets</B></TD> </TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">September 30, 2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Gross</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">carrying</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Accumulated</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">amount</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">amortization</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Net</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Licenses</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">22,972</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,972</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,172</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">52,172</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finite life intangible assets:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">410,828</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">167,448</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">243,380</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">586,073</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">112,648</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">473,425</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">162,888</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">61,100</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">101,788</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,087</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,075</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,156</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,836</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,320</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">17,119</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,227</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,892</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Backlog</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">7,115</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">5,640</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,475</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,206,266</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">366,974</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">839,292</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,258,438</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">366,974</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">891,464</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Gross</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9">December 31, 2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">carrying</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">amount</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">amortization</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Net</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Licenses</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23,804</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23,804</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">53,004</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">53,004</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finite life intangible assets:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">352,860</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">152,026</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">200,834</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">270,600</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">85,012</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">185,588</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">147,878</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">41,455</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">106,423</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,185</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,092</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">93</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,600</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,861</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7,739</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">17,606</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,057</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,549</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Backlog</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,400</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,600</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">805,129</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">296,303</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">508,826</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">858,133</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">296,303</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">561,830</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">The MSR assets are evaluated quarterly
for impairment by stratifying the servicing portfolio according to predominant risk characteristics, primarily investor type and interest
rate. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. There was no impairment
recorded for the nine-month period ended September 30, 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">The following table summarizes
activity related to the Company&rsquo;s mortgage servicing rights for the nine months ended September 30, 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">106,423</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Additions, following the sale of loan</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">15,010</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Amortization</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(11,231</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepayments and write-offs</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,414</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, September 30</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">101,788</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">For the year ended December 31,</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">MSRs</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Other Intangibles</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">2022 (remaining three
        months)</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">2,907</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">25,870</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">28,777</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2023</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10,572</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">95,311</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,883</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2024</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9,681</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">87,107</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,788</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2025</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,969</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">78,523</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">87,492</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2026</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,495</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">74,909</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">83,404</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2027</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7,819</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">69,239</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">77,058</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Thereafter</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">53,345</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">306,545</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">359,890</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">101,788</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">737,504</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">839,292</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>9.</B></TD>
    <TD STYLE="text-align: justify"><B>Long-term debt</B></TD> </TR>
  </TABLE>

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

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D">On May 27, 2022, the Company amended
and extended the multi-currency, sustainability-linked senior unsecured revolving credit facility (the &ldquo;Revolving Credit Facility&rdquo;)
of $1,500,000. The Revolving Credit Facility has a 5-year term ending May 27, 2027, and bears interest at an applicable margin of 1.125%
to 2.5% over floating reference rates, depending on financial leverage ratios. The applicable margin may be adjusted, annually, plus or
minus 0.05% subject to achieving certain sustainability metrics. The weighted average interest rate on borrowings under the Revolving
Credit Facility for the three months ended September 30, 2022 was 3.5% (2021 &ndash; 1.5%). The Revolving Credit Facility had $816,147
of available undrawn credit as at September 30, 2022 ($988,167 as at December 31, 2021). As at September 30, 2022, letters of credit in
the amount of $11,854 were outstanding against the Revolving Credit Facility ($11,833 as at December 31, 2021). The Revolving Credit Facility
requires a commitment fee of 0.11% to 0.35% of the unused portion, depending on financial leverage ratios. At any time during the term,
the Company has the right to increase the Revolving Credit Facility by up to $250,000 on the same terms and conditions.</P>

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

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

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

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D">The Company also has outstanding
&euro;125,000 and $150,000 of senior unsecured notes with fixed interest rates of 1.52% and 3.02%, respectively (the &ldquo;Senior Notes
due 2031&rdquo;), 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="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D">&nbsp;</P>

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

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<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; 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 September 30, 2022. The Company is limited from undertaking certain mergers, acquisitions
and dispositions without prior approval.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>10.</B></TD>
    <TD STYLE="text-align: justify"><B>Convertible notes</B></TD> </TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 8pt 0.5in; color: #4A4A4D">In May 2020, the Company issued $230,000 aggregate
principal of 4.0% Convertible Senior Subordinated Notes (the &ldquo;Convertible Notes&rdquo;) at par value. The Convertible Notes will
mature on June 1, 2025, and bear interest of 4.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning
on December 1, 2020. The Convertible Notes are accounted for entirely as debt as no portion of the proceeds is required to be accounted
for as attributable to the conversion feature. The Convertible Notes are unsecured and subordinated to all of the Company&rsquo;s existing
and future secured indebtedness and are treated as equity for financial leverage calculations under the Company&rsquo;s Revolving Credit
Facility and Senior Notes.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 8pt 0.5in; color: #4A4A4D">The Convertible Notes may be converted at the holder&rsquo;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. On May 17, 2022, the Company declared its semi-annual dividend of $0.15 per share. This modified
the conversion rate to 17.2783 Subordinate Voting Shares per $1,000 principal amount of Convertible Notes, which represents a conversion
price of $57.88 per Subordinate Voting Share.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 8pt 0.5in; color: #4A4A4D">The Company, at its option, may also redeem the
Convertible Notes, in whole or in part, on or after June 1, 2023, at a redemption price equal to 100% of the principal amount of the Convertible
Notes to be redeemed, plus accrued and unpaid interest, provided that the last reported trading price of the Subordinate Voting Shares
for any 20 trading days in a consecutive 30 trading day period preceding the date of the notice of redemption is not less than 130% of
the conversion price.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 8pt 0.5in; color: #4A4A4D">Subject to specified conditions, the Company may
elect to repay some or all of the outstanding principal amount of the Convertible Notes, on maturity or redemption, through the issuance
of Subordinate Voting Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">In connection with the issuance of the Convertible
Notes, at the time, the Company incurred financing costs of $6,795 which are being amortized over five years using the effective interest
rate method. For the quarter ended September 30, 2022, there was $333 of financing fee amortization included in interest expense within
the accompanying Consolidated Statements of Earnings. The effective interest rate on the Convertible Notes is approximately 4.7%.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>11.</B></TD>
    <TD STYLE="text-align: justify"><B>Warehouse credit facilities</B></TD> </TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">The following table summarizes the Company&rsquo;s
mortgage warehouse credit facilities as at September 30, 2022:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; margin-left: 46px">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,
        2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">December 31, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Current</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Maximum</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Carrying</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Maximum</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Carrying</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Maturity</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Capacity</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Value</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font-size: 10pt; color: #4A4A4D; text-align: left">Facility A - SOFR plus 1.70%</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: center">October 19, 2022</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">32,574</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">125,000</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">70,694</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Facility B - SOFR plus 1.70%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: center">On demand</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">19,711</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">125,000</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">49,860</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Facility C - SOFR plus 1.60%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: center; border-bottom: Black 1pt solid">April 27, 2023</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">150,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,135</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">150,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">42,357</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">400,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,420</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">400,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">162,911</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 8pt 0.5in; color: #4A4A4D">Colliers Mortgage LLC (&ldquo;Colliers Mortgage&rdquo;)
has warehouse credit facilities which are used exclusively for the purpose of funding warehouse mortgages receivable. The warehouse credit
facilities are recourse only to Colliers Mortgage, are revolving and are secured by any warehouse mortgages financed on the facilities.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 8pt 0.5in; color: #4A4A4D"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0 0 8pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">On May 26, 2022, Colliers Mortgage entered into
an amendment to the financing agreement for Facility C modifying the interest rate to SOFR plus 1.6% and maturity date to April 27, 2023,
with an option to extend to April 27, 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">See note 23 related to the renewal of Facility A.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>12.</B></TD>
    <TD STYLE="text-align: justify"><B>AR Facility</B></TD> </TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; 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. As of September 30, 2022, the Company&rsquo;s draw under the AR Facility was $149,944.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0.3pt 0 0.5in; color: #4A4A4D">All transactions under the AR Facility are accounted
for as a true sale in accordance with ASC 860, <I>Transfers and Servicing</I> (&ldquo;ASC 860&rdquo;). Following the sale 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 September 30, 2022, the servicing liability was nil.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0.3pt 0 0.5in; color: #4A4A4D">Under the AR Facility, the Company receives a
cash payment and a deferred purchase price (&ldquo;Deferred Purchase Price&rdquo; or &ldquo;DPP&rdquo;) for sold Receivables. The DPP
is paid to the Company in cash on behalf of the Purchaser as the Receivables are collected; however, due to the revolving nature of the
AR Facility, cash collected from the Company's customers is reinvested by the Purchaser monthly in new Receivable purchases under the
AR Facility. For the nine months ending September 30, 2022, Receivables sold under the AR Facility were $1,513,665 and cash collections
from customers on Receivables sold were $1,480,550, all of which were reinvested in new Receivables purchases and are included in cash
flows from operating activities in the consolidated statement of cash flows. As of September 30, 2022, the outstanding principal on trade
accounts receivable, net of Allowance for Doubtful Accounts, sold under the AR Facility was $194,039; and the outstanding principal on
contract assets, current and non-current, sold under the AR Facility was $91,377. See note 19 for fair value information on the DPP.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0.3pt 0 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">For the nine months ended September 30, 2022, the
Company recognized a loss related to Receivables sold of $205 (2021 - $98 loss) that was recorded in other expense in the consolidated
statement of earnings. Based on the Company&rsquo;s collection history, the fair value of the Receivables sold subsequent to the initial
sale approximates carrying value.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">The non-cash investing activities associated with
the DPP for the nine months ended September 30, 2022, were $217,504.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>13.</B></TD>
    <TD STYLE="text-align: justify"><B>Variable interest entities</B></TD> </TR>
  </TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">September 30,</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">December 31,</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Equity accounted investments</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 11%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,977</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 11%; font-size: 10pt; color: #4A4A4D; text-align: right">16,550</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Co-investment commitments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,987</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">20,284</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Maximum exposure to loss</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">41,964</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">36,834</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>14.</B></TD>
    <TD STYLE="text-align: justify"><B>Redeemable non-controlling interests</B></TD> </TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">536,903</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">RNCI share of earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">35,675</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">RNCI redemption increment</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">71,126</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions paid to RNCI</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(53,854</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchase of interests from RNCI</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(42,872</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Sale of interests to RNCI</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,224</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Disposal of operations (note 5)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(2,361</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">RNCI recognized on business acquisitions</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">318,813</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(246</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, September 30</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">869,408</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">The Company has shareholders&rsquo; agreements in
place at each of its non-wholly owned subsidiaries. These agreements allow the Company to &ldquo;call&rdquo; the RNCI at a price determined
with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest,
depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to &ldquo;put&rdquo; their
equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and
may be paid in cash or in Subordinate Voting Shares. The redemption amount as of September 30, 2022, was $833,750 (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 September 30, 2022, approximately 7,550,000 such shares would be issued.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>15.</B></TD>
    <TD STYLE="text-align: justify"><B>Net earnings (loss) per common share</B></TD> </TR>
  </TABLE>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Diluted EPS is calculated using the &ldquo;if-converted&rdquo;
method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest
(net of income tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible
Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no
assumption of conversion. The &ldquo;if-converted&rdquo; method is used if the impact of the assumed conversion is dilutive. The &ldquo;if-converted&rdquo;
method is anti-dilutive for the three and nine-month periods ended September 30, 2021 and 2022.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">(in thousands)</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss) attributable to Company</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,028</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">18,004</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,749</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">(433,626</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">After-tax interest on Convertible Notes</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted numerator considering the If-Converted Method</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,028</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,004</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,749</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(433,626</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Weighted average common shares - Basic</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,283</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,003</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,558</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">42,543</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Exercise of stock options</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">487</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">751</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">589</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Conversion of Convertible Notes</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Weighted average common shares - Diluted</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,770</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">44,754</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,147</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">42,543</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 10pt 0.5in; 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 &ldquo;2021/2022 NCIB&rdquo;). The 2021/2022
NCIB allowed the Company to purchase for cancellation, up to 3,200,000 Subordinate Voting Shares. The 2021/2022 NCIB commenced on July
20, 2021 and expired on July 19, 2022.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 10pt 0.5in; color: #4A4A4D">On July 15, 2022, the Company announced the approval
by the Toronto Stock Exchange of its notice to implement a normal course issuer bid (the &ldquo;2022/2023 NCIB&rdquo;). The 2022/2023
NCIB allows the Company to purchase for cancellation, up to 3,500,000 Subordinate Voting Shares. The 2022/2023 NCIB commenced on July
20, 2022 and is set to expire on July 19, 2023.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 10pt 0.5in; color: #4A4A4D">During the period from March 3, 2022, to April
25, 2022, the Company repurchased 999,439 Subordinate Voting Shares for total consideration of $126,366.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 10pt 0.5in; color: #4A4A4D">During the period from September 28, 2022, to
September 30, 2022, the Company repurchased 88,400 Subordinate Voting Shares for total consideration of $8,138.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">The repurchase cost of shares under the NCIBs, including
commissions and fees, were allocated to common shares for the weighted average book value and to retained earnings for any excess. Under
the NCIBs all shares were purchased for cancellation. See note 23.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>16.</B></TD>
    <TD STYLE="text-align: justify"><B>Stock-based compensation</B></TD> </TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">The Company has a stock option
plan for certain officers, key full-time employees and directors of the Company and its subsidiaries. Options are granted at the market
price for the underlying shares on the day immediately prior to the date of grant. Each option vests over a four-year term, expires five
years from the date granted and allows for the purchase of one Subordinate Voting Share. All Subordinate Voting Shares issued are new
shares. As at September 30, 2022, there were 1,627,050 options available for future grants.</P>

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

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

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

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

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

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<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">There were 78,750 stock options granted during the
nine months ended September 30, 2022 (2021- 50,000). Stock option activity for the nine months ended September 30, 2022 was as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Weighted average</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">remaining</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Weighted</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">contractual</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Aggregate</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Number of</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">average</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right"> life</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">intrinsic</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">options</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">exercise price</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">(years)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">value</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Shares
        issuable under options - <BR> December 31, 2021</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">2,550,875</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">89.34</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Granted</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">78,750</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">119.88</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Exercised</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(240,625</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">51.38</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Forfeited</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(6,500</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">126.76</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="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="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Shares
        issuable under options - <BR> September 30, 2022</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,382,500</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">94.08</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2.7</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">26,748</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Options
        exercisable - September 30, 2022</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">970,689</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">76.89</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1.7</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,759</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">The amount of compensation expense recorded in the
statement of earnings for the nine months ended September 30, 2022 was $14,081 (2021 - $8,180). As of September 30, 2022, there was $23,660
of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. During the nine-month
period ended September 30, 2022, the fair value of options vested was $4,892 (2021 - $4,999).</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>17.</B></TD>
    <TD STYLE="text-align: justify"><B>Long-term incentive arrangement</B></TD> </TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">On April 16, 2021, after receiving
approval from 95% of disinterested shareholders, the Company settled the Management Services Agreement (the &ldquo;MSA&rdquo;), including
the Long-Term Incentive Arrangement (the &ldquo;LTIA&rdquo;), originally entered into on February 1, 2004 between the Company, Jay S.
Hennick (the Company&rsquo;s Chairman &amp; Chief Executive Officer) and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick
(the &ldquo;Transaction&rdquo;). In addition, the Transaction established an orderly timeline for the elimination of the Company&rsquo;s
dual class voting structure by no later than September 1, 2028. The Company, under the terms of the Transaction (a) paid US$96,200 (C$120,300)
in cash and (b) issued a total of 3,572,858 Subordinate Voting Shares to an entity controlled by Mr. Hennick. The total purchase price
was determined by applying the formula provided in the existing MSA for the LTIA using a price of US$106.40 per share (which is the volume
weighted average price of the Subordinate Voting Shares on the Toronto Stock Exchange for the period from February 11, 2021, through to
and including February 25, 2021, converted to US dollars). Subsequent to the completion of the Transaction, the MSA was terminated thereby
eliminating the LTIA and all future fees and other entitlements owing thereafter. The settlement of the LTIA was considered a modification
of a share-based payment arrangement, which was accounted for as compensation expense and presented separately as settlement of long-term
incentive arrangement in the Company&rsquo;s Consolidated Statements of Earnings. The net cash impact was included in operating activities
in the Company&rsquo;s Consolidated Statements of Cash Flows.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>18.</B></TD>
    <TD STYLE="text-align: justify"><B>Income tax</B></TD> </TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">The provision for income tax for
the nine months ended September 30, 2022, reflected an effective tax rate of 34.6% (2021 - negative 16.8%) relative to the combined statutory
rate of approximately 26.5% (2021 - 26.5%). The current year&rsquo;s rate was impacted by the loss on disposal of the Company&rsquo;s
controlling interest in its Russian operations, which was not tax deductible. The current year&rsquo;s rate was also impacted by the accounting
amortization of intangibles and acquisition related items associated with the investment in a U.K. flowthrough entity, on which no tax
benefit was recognizable. The prior year&rsquo;s rate was negatively impacted by the settlement of the long-term incentive arrangement.
The settlement and its related costs were not tax deductible.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>19.</B></TD>
    <TD STYLE="text-align: justify"><B>Financial instruments</B></TD> </TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">The following table provides the financial assets
and liabilities carried at fair value measured on a recurring basis as of September 30, 2022:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Level 1</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Level 2</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Level 3</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; font-weight: bold">Assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 61%; font-size: 10pt; color: #4A4A4A; text-align: left">Cash equivalents</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4A; text-align: right">4,539</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4A; text-align: left">Equity securities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">9,845</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">6</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4A; text-align: left">Debt securities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">17,358</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4A; text-align: left">Mortgage derivative assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">37,248</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4A; text-align: left">Warehouse receivables</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">103,855</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4A; text-align: left">Interest rate swap assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">6,068</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Deferred Purchase Price
        on AR Facility</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">108,790</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">14,384</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">127,287</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">146,038</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; font-weight: bold">Liabilities</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4A; text-align: left">Mortgage derivative liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">17,409</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Contingent consideration
        liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">73,922</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total liabilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">91,331</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; margin: 0 0 10pt 0.5in; color: #4A4A4D">There were no significant non-recurring fair value measurements recorded
during the quarter ended September 30, 2022.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Other than the transfer of mortgage derivative assets
and mortgage derivative liabilities from Level 2 to Level 3 as described in the Mortgage related derivatives section below, there were
no transfers between any of the levels within the fair value hierarchy during the quarter ended September 30, 2022.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Interest rate lock commitments and forward sales
commitment are derivative instruments which consider observable market data in determining their fair values, 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. The Company also considers the impact of counterparty non-performance risk when measuring the fair value
of these derivatives.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Given the rapid changes to interest rates and their
effect on the fair value of the expected net cash flows associated with the servicing of the loans combined with heightened economic risks
for counterparties, the Company believes that the fair value of the expected net cash flows associated with the servicing of the loans
and counterparty non-performance risk have the potential to impact the value of its derivative assets and derivative liabilities that
may not continue to be insignificant. Consequently, the mortgage derivative assets valued at $37,248 and mortgage derivative liabilities
valued at $17,409 have been transferred from Level 2 to Level 3 of the fair value hierarchy for the period ended September 30, 2022. Given
the credit quality of the Company&rsquo;s counterparties, the short duration of interest rate lock commitments and forward sale commitments
and the Company&rsquo;s historical experience, management does not believe the risk of non-performance is significant. An increase in
counterparty non-performance risk assumptions would result in a lower fair value measurement.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; 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 September 30, 2022, substantially all of the Company&rsquo;s
mortgage warehouse receivables were under commitment to be purchased by a GSE or by a qualifying investor. These assets are classified
as Level 2 in the fair value hierarchy as a substantial majority of the inputs are readily observable.</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">238,835</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Additions to DPP</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">217,504</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Collections on DPP</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(345,056</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Fair value adjustment</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(205</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Foreign exchange and other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(2,288</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, September 30</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">108,790</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">In December 2018, the Company entered into interest
rate swap agreements (the &ldquo;2018 IRS&rdquo;) 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 2018 IRS have a maturity date of April 30, 2023. The 2018 IRS are
measured at fair value on the consolidated balance sheets. In May 2022, the Company amended the 2018 IRS to convert SOFR floating interest
rates into a weighted average fixed interest rate of 2.6026%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">At the inception of the 2018 IRS, the Company designated
each swap as a cash flow hedge. From inception until June 30, 2021, each of the 2018 IRS were determined to be effective with changes
in the fair value recognized to accumulated other comprehensive earnings (loss).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">On July 1, 2021, the Company dedesignated the hedging
relationships. Gains or losses related to changes in the fair value of the 2018 IRS after July 1, 2021, are reported in interest expense
on the consolidated statements of earnings.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">As at June 30, 2021, $5,595 of cumulative losses
were reported in accumulated other comprehensive earnings (loss). This accumulated other comprehensive loss will be recognized to interest
expense commensurate with when the forecasted cash flows originally designated as a hedge affect earnings, or earlier if it is probable
these forecasted cash flows will not occur. In the three months and nine months ended September 30, 2022, $644 and $1,889 of the accumulated
other comprehensive loss, respectively, was included in interest expense on the consolidated statements of earnings.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">On July 15, 2022, the Company entered into interest
rate swap agreements (the &ldquo;2022 IRS&rdquo;) to convert the SOFR floating interest rate on $150,000 of US dollar denominated debt
into a fixed interest rate of 2.802% plus applicable margin. The 2022 IRS have a maturity of May 27, 2027. The swaps are being accounted
for as cash flow hedges and are measured at fair value on the balance sheet. Gains or losses on the 2022 IRS, which are determined to
be effective as hedges, are reported in other comprehensive income.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">The inputs to the measurement of the fair value of
contingent consideration related to acquisitions are Level 3 inputs. The fair value measurements were made using a discounted cash flow
model; significant model inputs were expected future operating cash flows (determined with reference to each specific acquired business)
and discount rates (which range from 2.1% to 9.5%, with a weighted average of 4.8%). 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 $2,200.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">154,671</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amounts recognized on acquisitions</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,176</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Fair value adjustments (note 7)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,902</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Resolved and settled in cash</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(122,809</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,018</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, September 30</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">73,922</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Less: current portion</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">31,900</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current portion</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42,022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">The carrying amounts for cash,
restricted cash, accounts receivable, accounts payable, advisor loans, other receivables and accrued liabilities approximate their estimated
fair values due to the short-term nature of these instruments, unless otherwise indicated. The carrying value of the Company&rsquo;s Revolving
Credit Facility and other short-term borrowings approximate their estimated fair value due to their short-term nature and variable interest
rate terms. 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-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,
        2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">December 31, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Carrying</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Fair</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Carrying</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Fair</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">amount</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">value</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">amount</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">value</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Senior Notes</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">476,208</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">394,613</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">529,089</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">548,440</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible Notes</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">226,199</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">364,258</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">225,214</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">590,193</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>20.</B></TD>
    <TD STYLE="text-align: justify"><B>Commitments and Contingencies</B></TD> </TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">In September 2022, The Company
entered into an agreement to acquire a controlling interest in Pangea Property Partners (&ldquo;Pangea&rdquo;), a capital markets advisor
in Sweden and Norway. 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 fourth quarter of 2022, subject to applicable closing conditions including regulatory
approval, for an aggregate initial cash purchase price of $67,000.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">Colliers Mortgage is a lender in
the Fannie Mae DUS Program. Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage
loan transactions where the borrower has locked an interest rate and scheduled closing and the Company has entered into a mandatory delivery
commitment to sell the loan to Fannie Mae. As discussed in note 19, the Company accounts for these commitments as derivatives recorded
at fair value.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">Colliers Mortgage is obligated
to share in losses, if any, related to mortgages originated under the DUS Program. These obligations expose the Company to credit risk
on mortgage loans for which the Company is providing underwriting, servicing, or other services under the DUS Program. Net losses on defaulted
loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject to sharing up to one-third
of incurred losses on loans originated under the DUS Program. As of September 30, 2022, the Company has funded and sold loans subject
to such loss sharing obligations with an aggregate unpaid principal balance of approximately $4,446,000. As at September 30, 2022, the
Loss Reserve was $15,797 (December 31, 2021 - $15,807) and was included within Other liabilities on the Consolidated Balance Sheets.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0 0 0 0.5in; color: #4A4A4D">Pursuant to its licenses with Fannie
Mae, Ginnie Mae and HUD, Colliers Mortgage is required to maintain certain standards for capital adequacy which include minimum net worth
and liquidity requirements. If it is determined at any time that Colliers Mortgage fails to maintain appropriate capital adequacy, the
licensor reserves the right to terminate the Company&rsquo;s servicing authority for all or some of the portfolio. At September 30, 2022,
Colliers Mortgage was in compliance with all such requirements.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>21.</B></TD>
    <TD STYLE="text-align: justify"><B>Revenue</B></TD> </TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Colliers has disaggregated its revenue from contracts
with customers by type of service and operating segment as presented in the following table. In prior quarters, revenues from engineering
and design services and project management services (&ldquo;E&amp;D and Project Management&rdquo;) were combined with Property management
revenues under the Property Services label.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; margin-left: 46px">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Asia</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Investment</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Americas</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">EMEA</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Pacific</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Management</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Corporate</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Consolidated</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt; color: #0C9ED9">Three months ended September 30,</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 34%; font-size: 10pt; color: #4A4A4D; font-weight: bold">Leasing</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">210,551</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">32,065</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">31,098</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">273,714</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Capital Markets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">194,687</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">38,378</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42,641</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">275,706</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">E&amp;D and Project management</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">133,629</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">46,580</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,956</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">203,165</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Property management</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">74,292</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">15,979</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">30,809</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">121,080</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Valuation and advisory</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">60,634</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">30,256</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,120</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">113,010</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">IM - Advisory and other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,070</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,070</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">IM - Incentive Fees</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">21,265</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">940</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,221</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">153</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">25,579</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double">Total Revenue</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">695,058</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">164,198</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">152,845</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,070</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">153</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,108,324</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Leasing</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">174,998</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">34,716</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">33,176</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">242,890</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Capital Markets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">213,412</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,384</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">56,852</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">310,648</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">E&amp;D and Project management</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">89,435</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,792</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,912</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">140,139</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Property management</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">67,616</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">17,786</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,488</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">121,890</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Valuation and advisory</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,501</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">29,006</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">23,126</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">104,640</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">IM - Advisory and other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">59,672</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">59,684</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">IM - Incentive Fees</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,591</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,591</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">19,124</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,253</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,749</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">148</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">24,274</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 2.25pt double">Total Revenue</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">617,098</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">154,937</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">172,303</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">78,263</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">155</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">1,022,756</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9">Nine months ended September 30,</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: left">2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">Leasing</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">613,746</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">97,975</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">76,661</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">788,382</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Capital Markets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">610,929</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">117,451</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">109,502</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">837,882</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">E&amp;D and Project management</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">385,797</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">127,918</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">55,462</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">569,177</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Property management</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">217,583</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,816</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">98,347</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">365,746</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Valuation and advisory</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">184,774</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">90,412</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">64,936</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">340,122</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">IM - Advisory and other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">230,944</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">230,944</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">IM - Incentive Fees</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">26,630</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">26,630</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">64,638</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,222</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9,921</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">21</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">397</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">78,199</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 2.25pt double">Total Revenue</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,077,467</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">486,794</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">414,829</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">257,595</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">397</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,237,082</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Leasing</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">489,183</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">94,187</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">80,437</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">663,807</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Capital Markets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">531,735</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">122,913</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">132,110</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">786,758</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">E&amp;D and Project management</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">256,519</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">79,204</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">55,552</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">391,275</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Property management</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">205,699</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,692</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">112,584</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">370,975</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Valuation and advisory</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">143,893</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">87,019</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">63,486</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">294,405</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">IM - Advisory and other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">154,776</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">154,788</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">IM - Incentive Fees</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,591</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,591</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">48,603</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,606</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">10,403</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">453</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">63,065</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 2.25pt double">Total Revenue</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">1,675,644</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">439,621</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">454,572</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">173,367</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">460</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">2,743,664</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">Revenue associated with the Company&rsquo;s debt
finance and loan servicing operations are outside the scope of ASC 606, <I>Revenue from Contracts with Customers</I> (&ldquo;ASC 606&rdquo;).
In the three months and nine months ended September 30, 2022, $37,174 and $91,647 of revenue, respectively, was excluded from the scope
of ASC 606 (2021 - $35,752 and $99,479). These revenues were included entirely within the Americas segment within Capital Markets and
Other revenue.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">As at September 30, 2022, the Company had contract
assets totaling $81,672 of which $76,150 was current ($78,941 as at December 31, 2021 - of which $71,294 was current). During the nine
months ended September 30, 2022, approximately 87% of the current contract assets were moved to accounts receivable or sold under the
AR Facility (Note 12).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">As at September 30, 2022, the Company had contract
liabilities (all current) totaling $34,648 ($30,397 as at December 31, 2021). Revenue recognized for the nine months ended September 30,
2022, totaled $25,960 (2021 - $18,426) that was included in the contract liability balance at the beginning of the year.</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>22.</B></TD>
    <TD STYLE="text-align: justify"><B>Segmented information</B></TD> </TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Colliers has identified four reportable operating
segments. Three segments are grouped geographically into Americas, Asia Pacific and EMEA. The Investment Management segment operates in
the Americas and EMEA. The groupings are based on the manner in which the segments are managed. Management assesses each segment&rsquo;s
performance based on operating earnings or operating earnings before depreciation and amortization. Corporate includes the costs of global
administrative functions and the corporate head office and, for the nine months period ended September 30, 2021, also the settlement of
the LTIA (see note 17). Operating earnings (loss) for the three and nine-month periods ended September 30, 2022, include losses on disposal
of the Company&rsquo;s operations of $318 and $27,358 respectively, substantially all of which were in EMEA (see note 5).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; margin-left: 46px">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; font-weight: bold">OPERATING SEGMENTS</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Asia</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Investment</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Americas</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">EMEA</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Pacific</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Mgmt</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Corporate</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Consolidated</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt; color: #0C9ED9">Three months ended September 30</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; width: 34%; font-size: 10pt; color: #4A4A4D; font-weight: bold">Revenues</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">695,058</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">164,198</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">152,845</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,070</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">153</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,108,324</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">21,274</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,527</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,361</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,161</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">819</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">45,142</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">59,945</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,098</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">17,451</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">19,515</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(18,979</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">84,030</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">617,098</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">154,937</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">172,303</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">78,263</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">155</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,022,756</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,843</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,579</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,345</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,825</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">996</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">34,588</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">48,879</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,399</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,342</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">19,812</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(22,466</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">75,966</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; margin-left: 46px">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Asia</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Investment</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Americas</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">EMEA</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Pacific</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Mgmt</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Corporate</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">Consolidated</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt; color: #0C9ED9">Nine months ended September 30</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; width: 34%; font-size: 10pt; color: #4A4A4D; font-weight: bold">Revenues</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,077,467</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">486,794</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">414,829</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">257,595</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">397</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,237,082</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">66,949</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">19,989</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,217</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">30,346</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,378</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,879</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">202,360</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(20,473</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,234</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">55,886</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(52,293</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">228,714</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,675,644</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">439,621</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">454,572</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">173,367</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">460</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,743,664</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">58,300</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">17,035</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,395</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,340</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,869</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">106,939</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">154,970</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,703</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">46,742</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">43,900</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(540,170</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(269,855</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 0.5in; color: #4A4A4D">Revenues in each geographic region are reported by
customer locations except for Investment Management where revenues are reported by the location of the fund management.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; margin-left: 46px">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">GEOGRAPHIC INFORMATION</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">2021</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">United States</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 48%; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">652,370</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">570,886</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,902,830</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">1,488,827</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,787,694</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,401,401</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Canada</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">104,051</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">105,331</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">350,320</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">309,356</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">76,170</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">80,217</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Euro currency countries</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">95,430</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">82,176</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">283,392</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">225,956</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">334,633</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">278,103</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Australia</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">70,210</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">83,724</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">185,682</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">209,687</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">109,133</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">73,929</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">United Kingdom</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">59,599</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">37,696</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">144,809</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">115,789</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">523,486</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">71,440</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">China</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">21,957</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">27,389</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">67,497</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">74,540</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,835</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10,505</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Other</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">104,707</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">115,554</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">302,552</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">319,509</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">136,126</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">170,014</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Consolidated</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,108,324</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,022,756</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,237,082</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,743,664</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total long-lived assets</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,975,077</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,085,609</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: left; width: 35pt"><B>23.</B></TD>
    <TD STYLE="text-align: justify"><B>Subsequent events</B></TD> </TR>
  </TABLE>

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

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

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">On October 6, 2022, the Company completed the acquisition
of a controlling interest in Arcadia Management Group, Inc. for an aggregate initial cash purchase price of $13,100. The acquisition is
expected to be accounted for using the acquisition method of accounting for business combinations.</P>

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

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">On October 11, 2022, the Company completed the acquisition
for 75% of Versus Capital for an aggregate initial cash purchase price of $364,000. The acquisition is expected to be accounted for using
the acquisition method of accounting for business combinations.</P>

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

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

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">The Company established an automatic share purchase
plan (&ldquo;ASPP&rdquo;) in connection with 2022/2023 NCIB. The ASPP was pre-cleared by the TSX and commenced on October 3, 2022, and
terminated on October 28, 2022. During this period the Company repurchased 284,488 Subordinate Voting Shares for cancellation for consideration
of $26,418.</P>

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

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

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

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

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

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

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">On October 17, 2022, the Company renewed Facility
A extending its maturity date to October 19, 2023. See note 11.</P>


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

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

<P STYLE="margin: 0 0 0 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">On October 28, 2022, the Company expanded the committed
availability in its AR Facility to $175,000. See note 12.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #4A4A4D">For the nine months ended September 30, 2022</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">November 4, 2022</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"><I>The following management&rsquo;s discussion and analysis
(&ldquo;MD&amp;A&rdquo;) should be read together with the unaudited interim consolidated financial statements and the accompanying notes
(the &ldquo;Consolidated Financial Statements&rdquo;) of Colliers International Group Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo;
the &ldquo;Company&rdquo; or &ldquo;Colliers&rdquo;) for the three and nine months ended September 30, 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;), in accordance with disclosure requirements
for the presentation of interim financial information. All financial information herein is presented in United States dollars.</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"><I>The Company has prepared this MD&amp;A with reference
to National Instrument 51-102 &ndash; Continuous Disclosure Obligations of the Canadian Securities Administrators (the &ldquo;CSA&rdquo;).
Under the U.S./Canada Multijurisdictional Disclosure System, the Company is permitted to prepare this MD&amp;A in accordance with the
disclosure requirements of Canada, which requirements are different from those of the United States. This MD&amp;A provides information
for the three and nine months ended September 30, 2022 and up to and including November 4, 2022.</I></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"><I>This MD&amp;A includes references to &ldquo;local currency
revenue growth rate&rdquo;, &ldquo;internal revenue growth rate&rdquo;, &ldquo;adjusted EBITDA&rdquo;, &ldquo;adjusted EPS&rdquo;, &ldquo;free
cash flow&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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"><I>&nbsp;</I></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Our consolidated revenues for the third quarter ended September
30, 2022 were $1.11 billion, an increase of 8% versus the prior year period (12% in local currency), led by Outsourcing &amp; Advisory,
Investment Management and Leasing. The GAAP earnings per share were $0.27 relative to $0.40 in the prior year period and impacted by higher
tax rate and a higher share of earnings from our non-wholly owned operations. Adjusted earnings per share, which exclude acquisition-related
costs, non-controlling interest redemption increment and amortization of intangible assets (see &ldquo;Reconciliation of non-GAAP financial
measures&rdquo; below) were $1.41, up 11% from $1.27 in the prior year. The increase was driven by (i) the impact of recent acquisitions;
(ii) strong internal growth in Leasing and Outsourcing &amp; Advisory service lines, as well as (iii) accretion from the repurchase of
Subordinate Voting Shares in March, April and September 2022 under the Company&rsquo;s prior and current normal course issuer bids (&ldquo;NCIB&rdquo;).
GAAP net earnings per share and adjusted net earnings per share for the third quarter ended September 30, 2022 were impacted approximately
$0.07 and $0.06, respectively, from changes in foreign exchange rates.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In April 2022, the Company completed the acquisition of
controlling interests in Antirion SGR S.p.A. (&ldquo;Antirion&rdquo;), a real estate investment management firm in Italy, 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In June 2022, the Company acquired a 75% controlling interest
in Basalt Infrastructure Partners LLP (&ldquo;Basalt&rdquo;), a London-based transatlantic infrastructure investment management firm.
The acquisition adds highly differentiated investment products in the utility, transportation, energy/renewables and communications sectors
to the Company&rsquo;s Investment Management service line.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In July 2022, the Company completed the acquisition of
a 65% controlling interest in Rockwood Capital, LLC (&ldquo;Rockwood&rdquo;), a US real estate investment management firm. Rockwood specializes
in equity and credit investments across multifamily, office, mixed use, life science, hospitality, and retail asset classes in North America.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In August 2022, the Company acquired a controlling interest
in PEAKURBAN Pty Limited (&ldquo;PEAKURBAN&rdquo;), a civil, infrastructure, water engineering, town planning and urban design company
in Australia. The business will rebrand as Colliers Engineering &amp; Design and integrate into Colliers&rsquo; existing Australian operations.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4D">In September 2022, the Company announced an agreement to
acquire a controlling interest in Pangea Property Partners (&ldquo;Pangea&rdquo;), a real estate advisory firm in Sweden and Norway. The
transaction is expected to close in the fourth quarter of 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In October 2022, the Company acquired a 75% controlling
interest in Versus Capital (&ldquo;Versus&rdquo;), a US alternative real asset management firm with private wealth distribution capabilities.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In October 2022, the Company acquired a controlling interest
in Arcadia Management Group, Inc. (&ldquo;Arcadia&rdquo;), a property management firm focused in the Southwest US.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">During the nine months ended September 30, 2022, the Company
also acquired three businesses operating in the Americas (San Antonio, Texas; Cincinnati and Cleveland, Ohio) as well as a building consultancy
and project management firm in the United Kingdom.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In March 2022, Colliers discontinued its operations in
Russia and terminated its affiliate in Belarus. During the nine months ended September 30, 2022, the Company also sold three individually
insignificant operations (EMEA &ndash; Morocco; Americas &ndash; Panama, Colombia). The disposal of the Company&rsquo;s controlling interests
in these operations resulted in a loss of $27.4 million, substantially all of which was non-cash.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">For the three and nine-month periods ended September 30,
2022, local currency revenue growth was driven by Outsourcing &amp; Advisory, Investment Management and Leasing.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic"><I><FONT STYLE="font-size: 10pt; color: #0C9ED9">(in thousands
        of US$)</FONT></I></TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Change</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Change</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Change</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Change</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">(LC = local currency)</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">in US$ %</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">in LC%</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center; background-color: #F4F4F4">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">in US$ %</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt; color: #0C9ED9">in LC%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; font-size: 10pt; color: #4A4A4D; text-align: left">Outsourcing &amp; Advisory</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 5%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">462,834</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">390,943</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; color: #4A4A4D; text-align: right">18</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; color: #4A4A4D; text-align: right">24</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 5%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,353,244</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F4F4F4">1,119,720</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; color: #4A4A4D; text-align: right">21</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; color: #4A4A4D; text-align: right">25</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Investment Management <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,070</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">78,275</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">23</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">23</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">257,574</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F4F4F4">173,379</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">49</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">49</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Leasing</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">273,714</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">242,890</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">16</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">788,382</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F4F4F4">663,807</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">19</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">22</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Capital Markets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">275,706</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">310,648</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-11</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-8</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">837,882</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F4F4F4">786,758</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Total revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,108,324</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,022,756</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,237,082</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F4F4F4">2,743,664</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  </TABLE>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4A"><FONT STYLE="font-size: 10pt"><I>(1) Investment Management
local currency revenues, excluding pass-through carried interest, were up 62% and 50% for the three and nine months ended September 30,
2022, respectively.</I></FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; color: #4A4A4A">Results of operations &ndash; three
months ended September 30, 2022</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">For the third quarter ended September 30, 2022, revenues
were $1.11 billion, 8% higher than the comparable prior year quarter (12% in local currency) led by Investment Management, Outsourcing
&amp; Advisory and Leasing. Internally generated revenues were up 4% while acquisitions contributed 8% to local currency revenue growth.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Operating earnings for the third quarter were $84.0 million
versus $76.0 million in the prior year quarter. Operating earnings margin was 7.6% as compared to 7.4% in the prior year quarter, with
operating leverage from higher revenues partly offset by service mix and higher variable and discretionary costs. Adjusted EBITDA (see
&ldquo;Reconciliation of non-GAAP financial measures&rdquo; below) was $145.1 million up 17% versus $123.6 million reported in the prior
year quarter. The Adjusted EBITDA margin was 13.1% in the quarter as compared to 12.1% in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Depreciation expense was $12.4 million relative to $11.4
million in the prior year quarter with the increase attributable to increased investments in office leaseholds and the impact of recent
business acquisitions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Amortization expense was $32.8 million, versus $23.1 recorded
in the prior year quarter with the increase attributable mainly to intangible assets acquired with recent business acquisitions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Net interest expense was $13.5 million, versus $8.3 million
recorded in the prior year quarter. The average interest rate on debt during the period was 3.8%, relative to 3.6% in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Consolidated income tax expense for the quarter was $25.1
million, relative to $18.8 million in the prior year quarter. The current quarter&rsquo;s effective tax rate of 36.0% versus 27.0% in
the prior year quarter. The current period tax rate was impacted by the outside basis difference in an investment in the United Kingdom
(Basalt) on which a deferred tax benefit could not be recognized.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4A">Net earnings for the quarter were $44.5 million versus
$50.5 million in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the Americas region totalled $695.1 million
for the third quarter, up 13% (13% in local currency) versus $617.1 million in the prior year quarter. Revenue growth was led by Outsourcing
&amp; Advisory, particularly Engineering &amp; Design (including recent acquisitions) and Leasing, which benefitted from increased activity
in office and industrial asset classes. Capital Markets revenues were impacted by rising interest rates and market uncertainty which reduced
sales brokerage and debt origination and financing activity. Adjusted EBITDA was $66.8 million, up 1% (2% in local currency) from the
prior year quarter. The margin was impacted by (i) higher discretionary and variable costs as well as (ii) changes in revenue mix with
a reduction in higher-margin Capital Markets transactions. GAAP operating earnings were $59.9 million, relative to $48.9 million in the
prior year quarter.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the EMEA region totalled $164.2 million for
the third quarter, up 6% (23% in local currency) compared to $154.9 million in the prior year quarter with growth across all service lines,
although unevenly distributed across countries. Revenues were particularly strong in the United Kingdom (including a recent project management
acquisition), which more than offset the impact of higher interest rates and geopolitical uncertainty. Foreign exchange headwinds impacted
revenue growth by 17%. Adjusted EBITDA was $13.3 million, down 11% (up 1% in local currency) relative to the prior year primarily due
to changes in revenue mix. GAAP operating earnings were $6.1 million, versus operating earnings of $11.4 million in the prior year quarter.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the Asia Pacific region totalled $152.8 million
for the third quarter compared to $172.3 million in the prior year quarter, down 11% (down 4% in local currency). Revenues were impacted
by higher interest rates, geopolitical uncertainty, and COVID-19 restrictions in several Asian markets, especially China. Foreign exchange
headwinds impacted revenue growth by 7%. Adjusted EBITDA was $21.1 million, up 2% (up 12% in local currency) relative to the prior year
on a lower cost structure. GAAP operating earnings were $17.5 million, versus $18.3 million in the prior year quarter.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Investment Management revenues for the third quarter were
$96.1 million compared to $78.3 million in the prior year quarter, up 23% (23% in local currency). Passthrough revenue from historical
carried interest was nil in the quarter versus $18.6 million in the prior year quarter. Excluding the impact of carried interest, revenue
was up 61% (62% in local currency) driven by (i) acquisitions and (ii) management fee growth from increased assets under management. Adjusted
EBITDA was $36.9 million, up 33% (33% in local currency) over the prior year quarter. GAAP operating earnings were $19.5 million in the
quarter, versus $19.8 million in the prior year quarter. Assets under management were $86.2 billion as of September 30, 2022, up 87% from
$46.1 billion on September 30, 2021. Including Versus Capital (completed on October 12, 2022), assets under management are now $92.2 billion.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Unallocated global corporate earnings as reported in Adjusted
EBITDA were $7.0 million in the third quarter, relative to unallocated global corporate costs of $5.6 million in the prior year quarter
due to a significant reduction in performance-based compensation accruals in the current period and foreign exchange impact. The corporate
GAAP operating loss for the quarter was $19.0 million relative to a loss of $22.5 million in the third quarter of 2021, with the prior
year period impacted by higher contingent acquisition consideration expense related to acquisitions.</P>

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #4A4A4D">Results of operations &ndash; nine months
ended September 30, 2022</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">For the nine months ended September 30, 2022, revenues
were $3.24 billion, up 18% compared to the prior year period (21% in local currency). Internally generated revenues were up 15% driven
by strong growth in all service lines, led by Investment Management. Acquisitions contributed 6% to local currency revenue growth versus
the prior year period.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: #4A4A4A">Operating earnings for the nine months ended
September 30, 2022 were </FONT><FONT STYLE="color: #4A4A4D">$228.7 million relative to a loss of $269.9 million, which included the impact
of a $471.9 million settlement of Long-Term Incentive Arrangement (&ldquo;LTIA&rdquo;) with the Company&rsquo;s Chairman &amp; CEO as
approved by 95% of disinterested shareholders. </FONT><FONT STYLE="color: #4A4A4A">Operating earnings margin was 7.1% versus 7.4% in the
prior year period after excluding the settlement of the LTIA. The decrease in margin was attributable to (i) a loss on the disposal of
certain operations and (ii) service mix, partly offset by higher revenues.</FONT> <FONT STYLE="color: #4A4A4D">Adjusted EBITDA (see &ldquo;Reconciliation
of non-GAAP financial measures&rdquo; below) was $427.8 million, up 21% versus $352.3 million in the prior year period. The Adjusted EBITDA
margin of 13.2% as compared to 12.8% relative to the prior year period.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Depreciation expense was $36.2 million relative to $32.9
million in the prior year period, with the increase attributable to the impact of recent acquisitions and increased investments in office
leaseholds.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Amortization expense was $89.6 million relative to $74.0
million in the prior year period, with the increase attributable mainly to intangible assets recognized in connection with recent business
acquisitions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Net interest expense was $29.4 million as compared to $24.5
million in the prior year period. The average interest rate on our debt during the period was 3.5%, versus 3.4% in the prior year period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="color: #4A4A4D">Consolidated income tax expense for the nine
months ended September 30, 2022 was $70.0 million, relative to $48.5 million in the prior year. </FONT><FONT STYLE="color: #4A4A4A">The
effective tax rate of 34.6% and was impacted by the outside basis difference in an investment in the United Kingdom (Basalt) as well as
a non-tax-deductible loss on disposal of the Company&rsquo;s controlling interest in its Russian operations. The prior year period&rsquo;s
rate was impacted by the settlement of the LTIA and related costs which were not tax deductible.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Net earnings for the nine months ended September 30, 2022
were $132.6 million versus net loss of $337.3 million in the prior year period, which included the settlement of the LTIA.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the Americas region totalled $2.08 billion
for the nine-month period, up 24% (25% in local currency) versus $1.68 billion in the prior year period led by Outsourcing &amp; Advisory
(including recent acquisitions) and Leasing activity driven by industrial, land and multifamily asset classes. Adjusted EBITDA was $249.4
million, up 24% (24% in local currency) over the prior year period and included an $11.7 million gain on the termination of a lease. GAAP
operating earnings were $202.4 million, relative to $155.0 million in the prior year period.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the EMEA region totalled $486.8 million for
the nine-month period, up 11% (24% in local currency) compared to $439.6 million in the prior year period. Revenue growth was led by robust
Outsourcing &amp; Advisory and Leasing activity. Capital Markets revenues were up slightly but were impacted by geopolitical uncertainty
in the region. Foreign exchange headwinds impacted revenue growth by 13%. Adjusted EBITDA was $32.6 million, down 19% (down 9% in local
currency) relative to the prior year and was impacted by (i) service mix and (ii) higher discretionary and variable costs. GAAP operating
loss was $20.5 million, versus operating earnings of $24.7 million in the prior year period.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Revenues in the Asia Pacific region totalled $414.8 million
for the nine-month period compared to $454.6 million in the prior year period, down 9% (down 3% in local currency). Revenues were impacted
by COVID-19 restrictions in several Asian markets which extended through most of the period. Foreign exchange headwinds impacted revenue
growth by 6%. Adjusted EBITDA was $50.8 million, down 11% (down 3% in local currency) from $56.8 million in the prior year period. GAAP
operating earnings was $43.2 million, versus $46.7 million in the prior year period.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Investment Management revenues for the nine-month period
were $257.6 million compared to $173.4 million in the prior year period, up 49% (49% in local currency). Passthrough revenue from historical
carried interest represented $26.6 million for the period versus $18.6 million in the prior year period. Excluding the impact of carried
interest, revenue was up 49% (50% in local currency) driven by (i) acquisitions and (ii) management fee growth from increased assets under
management. Adjusted EBITDA was $92.9 million, up 39% (39% in local currency) over the prior year period. GAAP operating earnings were
$55.9 million in the period, versus $43.9 million in the prior year period.</P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4D">Unallocated global corporate earnings as reported in Adjusted
EBITDA were $2.1 million in the nine-month period, relative to costs of $13.2 million in the prior year period. The corporate GAAP operating
loss for the period was $52.3 million relative to a loss of $540.2 million in the prior period, with the prior year period impacted by
(i) the settlement of the LTIA and (ii) contingent acquisition consideration expense related to acquisitions.</P>

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>Summary of quarterly results - years ended December
31, 2022, 2021 and 2020</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Q1</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Q2</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Q3</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Q4</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">1,000,912</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">1,127,846</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">1,108,324</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,834</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">103,850</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">84,030</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,317</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">66,731</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,524</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings (loss) per common share</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.42</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.70</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.28</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings (loss) per common share</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.42</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.67</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.27</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2021</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">774,914</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">945,994</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,022,756</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,345,465</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">39,956</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(385,777</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">75,966</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">138,354</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,807</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(412,601</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">99,741</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings (loss) per common share</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(10.53</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.41</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.98</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings (loss) per common share</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(10.53</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.40</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.92</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2020</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Revenues</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">630,628</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">550,206</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">692,307</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">913,716</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,537</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,523</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,074</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">79,443</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,458</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,483</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,979</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">49,568</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings (loss) per common share</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.12</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.26</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.53</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.84</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings (loss) per common share</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.26</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.52</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.80</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Other data*</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2022</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">121,461</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">161,313</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">145,065</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2021</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">92,129</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">136,558</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">123,641</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">192,010</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2020</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">54,454</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">59,962</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">92,120</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">154,906</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EPS - 2022</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.44</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.84</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.41</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EPS - 2021</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.04</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.58</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.27</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2.25</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Adjusted EPS - 2020</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.54</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.70</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.08</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.79</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #4A4A4D">2022 outlook</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">The Company is adjusting its outlook for the full year
2022 to reflect year to date operating results, contributions from recent acquisitions, the operating impact of rising global interest
rates and geopolitical uncertainties as well as adverse foreign exchange impacts on AEPS. The income tax rate and NCI share of earnings
also reflect updated expectations relating to the earnings mix for the year. 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.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt; color: #21A6DC"><B>Measure</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt; color: #21A6DC"><B>Updated</B></FONT></TD>
    <TD STYLE="width: 33%; background-color: #F2F2F2; text-align: center"><FONT STYLE="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-size: 10pt; color: #4A4A4D"><B>Revenue growth</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0; color: #4A4A4D">Low double digit revenue growth:</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-indent: -7.1pt; margin: 0pt 0 0pt 14pt"><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-size: 10pt; color: #4A4A4D">High-single
        digit internal growth </FONT></P>
        <P STYLE="font-size: 10pt; text-indent: -7.1pt; margin: 0pt 0 0pt 14pt"><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-size: 10pt; color: #4A4A4D">Balance
        from acquisitions </FONT></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">
        <P STYLE="font-size: 10pt; margin: 0pt 0; color: #4A4A4D">Low double digit revenue growth:</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-indent: -7.1pt; margin: 0pt 0 0pt 14pt"><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-size: 10pt; color: #4A4A4D">High-single
        digit internal growth</FONT></P>
        <P STYLE="font-size: 10pt; text-indent: -7.1pt; margin: 0pt 0 0pt 14pt"><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-size: 10pt; color: #4A4A4D">Balance
        from acquisitions</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>AEBITDA Margin</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Up 60 bps &ndash; 80 bps</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Up
        60 bps &ndash; 100 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>Consolidated income tax rate <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">29%-31%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">27%-29%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>NCI share of earnings <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">22%-24%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">20%-22%</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>AEPS growth</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Mid-teens</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Low-twenties</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14.2pt"><FONT STYLE="color: #333333"><I>(1)</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #333333"><I>Excluding loss on disposal of operations</I></FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Net cash used in operating activities for the nine months
ended September 30, 2022 was $171.5 million, versus net cash generated of $211.1 million in the prior year period. The increase in net
cash usage was driven by (i) the $345.1 million cash collection of the AR Facility deferred purchase price which is shown as an investing
activity in the Consolidated Statement of Cash Flows; (ii) significantly higher working capital usage on the payment of accrued compensation
on account of 2021 paid earlier in the current year, as well as (iii) $68.9 million of contingent acquisition consideration paid during
the period. We believe that cash from operations and other existing resources, including our $1.5 billion multi-currency revolving credit
facility (the &ldquo;Revolving Credit Facility&rdquo;), will continue to be adequate to satisfy the ongoing working capital needs of the
Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">For the nine months ended September 30, 2022, capital expenditures
were $41.8 million (2021 - $44.5 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Net indebtedness as at September 30, 2022 was $961.7 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 September
30, 2022, the Company&rsquo;s financial leverage ratio expressed in terms of net debt to pro forma Adjusted EBITDA was 1.5x (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 September 30, 2022 was $1.19 billion. We were in compliance with the covenants contained in our debt agreements as at September
30, 2022 and, based on our outlook for 2022, we expect to remain in compliance with these covenants.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">On May 27, 2022, the Company extended and increased its
Revolving Credit Facility for a new five-year term maturing in May 2027 (previously: April 2024). Borrowing capacity has been increased
to $1.5 billion from $1.0 billion previously. Financial covenants under the Revolving Credit Facility remain unchanged. The Revolving
Credit Facility is sustainability-linked and includes pricing adjustments tied to achievements of performance targets over time aligned
with Colliers&rsquo; Elevate the Built Environment framework. These targets include: 1) reducing greenhouse gas emissions consistent with
the Science-Based Targets initiative (&ldquo;SBTi&rdquo;); 2) increasing female representation in management roles and 3) ensuring Colliers-occupied
offices obtain the WELL Health-Safety certification. As of September 30, 2022, the Company had $816.1 million of unused credit under the
Revolving Credit Facility.</P>

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">On April 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 September 30, 2022, the Company had drawn $149.9 million under the AR Facility. Subsequent to
quarter end, in October 2022, the Company expanded the committed availability in its AR Facility to $175 million, effective October 28,
2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">During 2021, 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 September 30, 2022. We expect 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">On 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. On
May 17, 2022, the Company&rsquo;s Board of Directors declared a semi-annual dividend of $0.15 per share to shareholders of record on June
30, 2022, paid on July 14, 2022. Total common share dividends paid by the Company during the nine months ended 2022 were $13.1 million.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">During the nine months ended September 30, 2022, we invested
cash in acquisitions as follows: an aggregate of $594.1 million (net of cash acquired) in new business acquisitions, $34.5 million in
acquisitions of redeemable non-controlling interest and $124.6 million in contingent consideration payments, primarily 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In relation to acquisitions completed during the past three
years, we have outstanding contingent consideration, assuming all contingencies are satisfied and payment is due in full, totalling $403.7
million as at September 30, 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 September 30, 2022 was
$73.9 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 September 30, 2022 was $42.6 million (December
31, 2021 - $13.6 million). The contingent consideration is based on achieving specified earnings levels and is paid or payable after the
end of the contingency period, which extends to May 2027. We estimate that approximately 85% of the contingent consideration outstanding
as of September 30, 2022 will ultimately be paid.</P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4D">The following table summarizes our contractual obligations
as at September 30, 2022:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">Contractual obligations</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Payments due by period</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9">(in thousands of US$)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">Less than</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">After</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Total</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">1 year</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">1-3 years</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">4-5 years</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">5 years</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,150,550</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">1,870</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">473</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">671,999</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD>
    <TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">476,208</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse credit facilities</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">96,420</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">96,420</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Convertible Notes</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">226,199</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">226,199</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on long-term debt</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;&nbsp;and Convertible Notes<SUP>1</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">108,125</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,173</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">37,272</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,947</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">28,733</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finance lease obligations</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,715</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">912</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">678</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">125</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Business combinations<SUP>2</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">444,100</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">444,100</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">73,922</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,900</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">41,909</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">113</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating leases obligations</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">501,033</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">95,188</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">155,786</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">96,506</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">153,553</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchase commitments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">72,460</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">22,035</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">34,874</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,916</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,635</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Co-investment Commitments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,987</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">18,987</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Total contractual obligations</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,693,511</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">731,585</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">497,191</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">804,493</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">660,242</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 14.2pt">
        <P STYLE="margin-top: 0; margin-bottom: 0"></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><I>1.</I></P></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 $136.1 million of interest payments, $29 million of
        which will be made in the next 12 months.</I></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 14.2pt"><I>2.</I></TD>
    <TD><I>Business combinations include the acquisitions of Versus and Arcadia, both of which closed in October 2022, and Pangea Property
        Partners, which is expected to close in the fourth quarter of 2022.</I></TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0pt 0; color: #4A4A4D">At September 30, 2022, we had commercial
commitments totaling $11.9 million comprised of letters of credit outstanding due to expire within one year.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0pt 0; color: #4A4A4D">The total value of the RNCI (the &ldquo;redemption
amount&rdquo;), as calculated in accordance with shareholders&rsquo; agreements, was $833.8 million as of September 30, 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 September 30, 2022, the RNCI recorded on the balance sheet was $869.4 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 nine months ended September 30, 2022 would be $2.09, and the accretion
to adjusted EPS would be $0.43.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">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-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">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-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0pt 0 0pt 36pt; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">3.</TD>
    <TD STYLE="text-align: justify"><I>Business combinations.</I> The determination of fair values of assets acquired and liabilities assumed
        in business combinations requires the use of estimates and management judgment, particularly in determining fair values of intangible
        assets acquired. For example, if different assumptions were used regarding the profitability and expected attrition rates of acquired
        customer relationships or asset management contracts, different amounts of intangible assets and related amortization could be reported.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">4.</TD>
    <TD STYLE="text-align: justify"><I>Contingent acquisition consideration.</I> Contingent consideration is required to be measured at fair value
        at the acquisition date and at each balance sheet date until the contingency expires or is settled. The fair value at the acquisition
        date is a component of the purchase price; subsequent changes in fair value are reflected in earnings. Most acquisitions made by us have
        a contingent consideration feature, which is usually based on the acquired entity&rsquo;s profitability (measured in terms of adjusted
        EBITDA) during a one to five year period after the acquisition date. Significant estimates are required to measure the fair value of contingent
        consideration, including forecasting profits for the contingency period and the selection of an appropriate discount rate.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">5.</TD>
    <TD STYLE="text-align: justify"><I>Deferred income tax assets.</I> Deferred income tax assets arise primarily from the recognition of the
        benefit of certain net operating loss carry-forwards. We must weigh the positive and negative evidence surrounding the future realization
        of the deferred income tax assets to determine whether a valuation allowance is required, or whether an existing valuation allowance should
        remain in place. These determinations, which involve projections of future taxable income, require significant management judgment. Changes
        in judgments, in particular of future taxable earnings, could result in the recognition or de-recognition of a valuation allowance which
        could impact income tax expense materially.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">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-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt">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-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"></TD>
    <TD STYLE="width: 18pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;8.</P></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 September 30, 2022, the Company
        has funded and sold loans subject to such loss sharing obligations with an aggregate unpaid principal balance of approximately $4.4 billion.
        As at September 30, 2022, the Loss Reserve was $15.8 million (December 31, 2021 - $15.8 million) and was included within Other liabilities
        on the Consolidated Balance Sheets.</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">(in thousands of US$)</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,524</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">50,496</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">132,572</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(337,298</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">25,097</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">18,771</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">70,034</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">48,490</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other income, including equity earnings from non-consolidated investments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">874</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(1,601</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,316</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(5,547</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Interest expense, net</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">13,535</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">8,300</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,424</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">24,500</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">84,030</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">75,966</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">228,714</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(269,855</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Settlement of LTIA</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">471,928</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Loss on disposal of operations</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">318</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,358</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">45,142</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">34,588</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,879</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">106,939</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(16,391</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(5,812</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(24,214</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(20,728</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Equity earnings from non-consolidated investments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">755</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,487</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,821</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">4,625</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">26,290</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">14,231</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,738</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">49,773</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">191</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">523</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">462</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,466</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Stock-based compensation expense</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,730</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,658</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,081</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">8,180</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-bottom: 1pt">Adjusted EBITDA</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">145,065</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">123,641</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">427,839</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">352,328</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">(in thousands of US$)</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,524</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">50,496</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">132,572</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(337,298</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Non-controlling interest share of earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(17,375</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(13,623</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(37,697</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(33,148</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on Convertible Notes</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,300</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,300</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,900</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,900</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Settlement of LTIA</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">471,928</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Loss on disposal of operations</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">318</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,358</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization of intangible assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">32,760</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">23,148</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">89,630</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">74,019</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(16,391</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(5,812</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(24,214</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(20,728</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">26,290</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">14,231</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">50,738</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">49,773</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">191</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">523</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">462</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,466</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Stock-based compensation expense</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,730</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,658</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,081</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">8,180</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax on adjustments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(6,341</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(8,934</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(22,651</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(27,117</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Non-controlling interest on adjustments</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,519</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(3,125</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(11,458</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(9,920</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Adjusted net earnings</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">67,487</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">61,862</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">225,721</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">184,055</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">(in US$)</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Diluted net earnings
        (loss) per common share<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.25</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.37</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.49</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(9.20</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on Convertible Notes, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.04</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.04</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.11</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.11</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Non-controlling interest redemption increment</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.32</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.39</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1.48</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1.34</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Settlement of LTIA</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">10.02</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Loss on disposal of operations</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.56</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization expense, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.42</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.28</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1.13</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.94</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to MSRs, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(0.19</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.07</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(0.28</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.25</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.49</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.20</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.94</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.75</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.01</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.02</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Stock-based compensation expense, net of tax</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.08</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.05</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.26</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.18</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-bottom: 1pt">Adjusted EPS</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1.41</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1.27</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4.69</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">3.91</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Diluted weighted average shares for Adjusted EPS (thousands)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">47,743</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">48,722</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">48,121</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">47,111</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; color: #4A4A4D; font-style: italic; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(1) </SUP>Amounts
        shown reflect the "if-converted" method's dilutive impact on the adjusted EPS calculation for the three and nine months ended September
        30, 2022 and 2021.</FONT></TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"><I>3. Reconciliation of net cash flow from operations to
free cash flow:</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Free cash flow is defined as net cash flow from operating
activities plus contingent acquisition consideration paid, plus the cash portion of the LTIA settlement, less purchases of fixed assets,
plus cash collections on AR Facility deferred purchase price. We use free cash flow as a measure to evaluate and monitor operating performance
as well as our ability to service debt, fund acquisitions and pay of dividends to shareholders and distributions to non-controlling interests.
We present free cash flow as a supplemental measure because we believe this measure is a financial metric used by many investors to compare
valuation and liquidity measures across 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 free cash flow may differ from other
issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net cash flow from
operating activities to free cash flow appears below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">Nine months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #0C9ED9; text-align: center">September 30</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-style: italic">(in thousands of US$)</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">2022</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">2021</TD>
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left">Net cash provided by (used in) operating activities</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">76,840</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">192,524</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(171,470</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">211,072</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,129</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">68,939</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">10,472</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Settlement of LTIA (cash portion)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">96,186</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchase of fixed assets</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(18,391</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(11,847</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(41,807</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(44,450</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-bottom: 1pt">Cash collections on AR Facility deferred purchase price</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">88,627</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">11,563</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">345,056</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">34,295</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-bottom: 1pt">Free cash flow</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">155,205</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">192,240</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">200,718</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">307,575</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">We use the term assets under management (&ldquo;AUM&rdquo;)
as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the
projected gross cost of development 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Adjusted EBITDA from recurring revenue percentage is computed
on a trailing twelve-month basis and represents the proportion of adjusted EBITDA (note 1) 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In August 2020, the FASB issued ASU No. 2020-06, <I>Debt-
Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contract in an Entity&rsquo;s Own Equity.</I> The ASU simplifies the accounting for
convertible instruments and reduces the number of embedded conversion features being separately recognized from the host contract as compared
to current GAAP. The ASU also enhances information transparency through targeted improvements to the disclosures for convertible instruments
and earnings-per-share guidance. The 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">We use financial instruments as part of our strategy to
manage the risk associated with interest rates and currency exchange rates. We do not use financial instruments for trading or speculative
purposes. 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.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In July 2022, the Company entered into interest rate swap
agreements (the &ldquo;2022 IRS&rdquo;) to convert the SOFR floating interest rate on $150.0 million of US dollar denominated debt into
a fixed interest rate of 2.802% plus applicable margin. The 2022 IRS have a maturity of May 27, 2027. The swaps are measured at fair value
on the balance sheet. Gains or losses on the 2022 IRS, which are determined to be effective as hedges, are reported in other comprehensive
income.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Financial instruments involve risks, such as the risk that
counterparties may fail to honor their obligations under these arrangements. If we have financial instruments outstanding and such events
occur, our results of operations and financial position may be adversely affected.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">As at September 30, 2022, the Company had $6.9 million
of loans receivable from non-controlling shareholders (December 31, 2021 - $4.0 million). The majority of the loans receivable represent
amounts 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 4.98%. These loans are due on demand or mature on various dates up to 2028, but are open for
repayment without penalty at any time.</P>

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">As of the date hereof, the Company has outstanding 41,597,348
Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. In addition, as at the date hereof 2,382,500 Subordinate Voting Shares
are issuable upon exercise of options granted under the Company&rsquo;s stock option plan.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">On July 15, 2022, the Company announced a Normal Course
Issuer Bid (&ldquo;NCIB&rdquo;) effective from July 20, 2022 to July 19, 2023. The Company is entitled to repurchase up to 3,500,000 Subordinate
Voting Shares on the open market pursuant to the NCIB. During the period from September 28, 2022 to October 28, 2022, the Company purchased
372,888 Subordinate Voting Shares for total consideration of $34.6 million in connection with the NCIB at a weighted average purchase
price of US$92.59 per share. During the period from March 3, 2022 to April 25, 2022, the Company purchased, under its prior NCIB, 1.37
million Subordinate Voting Shares for total consideration of $160.9 million at a weighted average purchase price of US$120.17 per share.
All shares were repurchased for cancellation.</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Disclosure controls and procedures are designed to provide
reasonable assurance that information required to be disclosed in reports filed or submitted by us under U.S. and Canadian securities
legislation is recorded, processed, summarized and reported within the time periods specified in those rules, and include controls and
procedures designed to ensure that information required to be disclosed in reports filed or submitted by us under U.S. and Canadian securities
legislation is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate,
to permit timely decisions regarding required disclosure. Management, including the Chief Executive Officer and Chief Financial Officer,
has evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in the rules of the
U.S. Securities and Exchange Commission and the Canadian Securities Administrators, as at September 30, 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
September 30, 2022.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Our management is responsible for establishing and maintaining
adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well-designed,
has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect
to financial statement preparation and presentation. Management has used the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) 2013 framework to evaluate the effectiveness of our internal control over financial reporting. Based on this assessment, management
has concluded that as at September 30, 2022, our internal control over financial reporting was effective.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">During the three months ended September 30, 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-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Additional information about Colliers, including our Annual
Information Form for the year ended December 31, 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="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

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