<SEC-DOCUMENT>0001171843-23-002967.txt : 20230505
<SEC-HEADER>0001171843-23-002967.hdr.sgml : 20230505
<ACCEPTANCE-DATETIME>20230505163038
ACCESSION NUMBER:		0001171843-23-002967
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230505
DATE AS OF CHANGE:		20230505

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:		23894354

	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_050523.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

<P STYLE="font-size: 18pt; font-weight: bold; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">For the month of: May 2023</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Form 20-F &#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F &#9746;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): &#9744;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): &#9744;</P>

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

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">Yes &#9744; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No &#9746;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 56%"><B>&nbsp;</B></TD>
  <TD STYLE="width: 29%"><B>COLLIERS INTERNATIONAL GROUP INC.</B></TD>
  <TD STYLE="width: 15%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Date: May 5, 2023</TD>
  <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Christian Mayer</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name: Christian Mayer</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title: Chief Financial Officer</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: 1.5in"></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; text-indent: 2.5in"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 2.5in"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD><B>Exhibit</B></TD><TD><B>Description of Exhibit</B></TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><A HREF="exh_991.htm">99.1</A></TD><TD><A HREF="exh_991.htm">Interim consolidated financial statements and management&rsquo;s discussion &amp; analysis for the three-month period ended March
31, 2023.</A></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B><IMG SRC="fscover.jpg" ALT="" STYLE="height: 800px; width: 618px">&nbsp;</B></P>

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 23</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><BR STYLE="clear: both"><FONT STYLE="color: #25408F"><B>Colliers International Group Inc.</B></FONT></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Earnings (Loss)</B></FONT></P>

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">ended March 31</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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: white">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Revenues (note 20)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">965,903</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">1,000,912</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Cost of revenues (exclusive of depreciation and amortization shown below)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">586,260</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">631,553</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">281,539</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">250,712</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Depreciation</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,649</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">12,049</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&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">36,843</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">24,591</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">26,468</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">15,083</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">26,090</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,144</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">40,834</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&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: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,832</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">6,318</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">(3,154</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: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">(3,160</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">(166</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">32</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Earnings before income tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,632</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">37,644</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Income tax expense (note 17)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">16,327</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(907</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: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">21,317</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&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: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,941</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">8,516</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interest redemption increment (note 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">8,304</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">31,441</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">&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: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net 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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(20,152</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">(18,640</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">)</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: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Net 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="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: white">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Basic</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(0.47</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">(0.42</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Diluted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(0.47</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: white">(0.42</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: white">)</TD></TR>
  </TABLE>


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

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

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

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

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


<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Colliers International Group Inc.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Comprehensive Earnings (Loss)</B></FONT></P>

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">ended March 31</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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(907</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">21,317</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">Other non-comprehensive earnings (loss), net of tax:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">(3</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,854</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; font-size: 10pt; color: #4A4A4D; text-align: left">Reclassification of accumulated foreign currency translation 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">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,236</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain (loss) 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">(3,884</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">312</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; 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">(257</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">9</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total other non-comprehensive earnings (loss), net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,144</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">14,703</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">(5,051</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,020</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Less: Comprehensive earnings attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">17,544</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">39,957</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Comprehensive 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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(22,595</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(3,937</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  </TABLE>



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

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

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

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

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

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


<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Colliers International Group Inc.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Balance Sheets</B></FONT></P>

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">March 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2023</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">2022</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&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: #25408F; font-weight: bold; text-align: left">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&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: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">178,659</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">173,661</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">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">43,994</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">25,381</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">Accounts receivable, net of allowance of $26,017 (December 31, 2022 - $25,332)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">596,627</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="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">577,879</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">Contract assets (note 20)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">85,911</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">91,924</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">Warehouse receivables (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">120,300</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">29,623</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">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">21,654</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,970</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">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">239,025</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">247,635</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; border-bottom: Black 1pt solid">Real estate 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">37,996</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">45,353</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,324,166</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">1,213,426</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">12,100</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">12,461</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">Contract assets (note 20)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">17,640</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="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">15,755</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">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">145,401</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">138,510</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">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">171,107</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="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">164,493</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 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">351,600</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">341,623</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">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">67,369</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">63,460</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">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">1,124,959</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="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,159,910</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; 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">1,994,367</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">1,988,539</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,884,543</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,884,751</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,208,709</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">5,098,177</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Liabilities and shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accounts payable and accrued expenses</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">518,352</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; 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">503,189</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">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">444,112</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">625,565</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">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">20,801</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">32,282</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">Contract liabilities (note 20)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,787</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">25,616</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">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">4,382</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,360</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 - current (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,267</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">42,942</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">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">112,331</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,286</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 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">85,638</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">84,989</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Liabilities related to real estate 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">-</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">1,353</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,270,670</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">1,341,582</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">1,613,792</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,437,739</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 (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,616</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">48,287</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 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">331,228</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">322,496</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">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">100,206</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">91,105</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">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">49,416</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">57,754</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">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">226,875</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">226,534</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,371,133</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">2,183,915</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">1,073,635</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,079,306</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: #25408F; font-weight: bold; text-align: left">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&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">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">865,742</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">845,680</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">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">106,008</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">104,504</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">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">(404,351</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(384,199</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">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">(78,731</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(76,288</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; 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">488,668</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">489,697</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">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">4,603</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="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">3,677</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total 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">493,271</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="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">493,374</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,208,709</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">5,098,177</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Commitments and contingencies and subsequent events (note 19 and note 22)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-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>

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

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

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

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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Colliers International Group Inc.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Shareholders' Equity</B></FONT></P>

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: center"><FONT STYLE="font-size: 10pt; color: #25408F">Common shares</FONT></TD><TD STYLE="border-top: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Accumulated</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Issued and</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD 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: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">other</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Non-</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Total</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">outstanding</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD 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: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Contributed</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD 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: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">comprehensive</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">controlling</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">shareholders'</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">shares</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Amount</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">surplus</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Deficit</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">loss</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">interests</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">equity</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2022</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42,933,156</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; 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; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">845,680</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">104,504</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; 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; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(384,199</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(76,288</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,677</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">493,374</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(907</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">(907</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; font-size: 10pt; color: #4A4A4D">Pension liability adjustment, 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">(257</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">(257</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; 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">(3</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">(3</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized loss on interest rate 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">(3,884</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">(3,884</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings 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">1,701</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">177</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,878</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">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">(10,941</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">927</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(10,014</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(8,304</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">(8,304</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(146</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">(146</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">Acquisition of businesses, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(32</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">(32</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">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">338</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">338</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">Subordinate Voting Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,657</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,657</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Stock options exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">230,500</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">20,062</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">(4,491</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">-</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">15,571</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, March 31, 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">43,163,656</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">865,742</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">106,008</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(404,351</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(78,731</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,603</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">493,271</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-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: center"><FONT STYLE="font-size: 10pt; color: #25408F">Common shares</FONT></TD><TD STYLE="border-top: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Accumulated</FONT></TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Issued and</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD 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: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">other</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Non-</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Total</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">outstanding</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD 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: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Contributed</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD 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: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">comprehensive</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">controlling</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">shareholders'</FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">shares</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Amount</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">surplus</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">Deficit</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">loss</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">interests</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F">equity</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2021</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,054,744</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; 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; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">852,167</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">79,407</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; 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; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(279,724</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(70,251</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,670</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">585,269</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">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">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Pension liability adjustment, 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">
    <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">(3,854</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">(3,854</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain on interest rate swaps, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">464</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">464</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings 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">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&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</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&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</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">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">(8,516</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">679</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(7,837</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(31,441</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">(31,441</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(180</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Reclass to net earnings on disposal 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">18,236</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,143</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">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">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock option expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">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">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock options exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">221,625</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">14,341</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,085</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,256</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; 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">(600,539</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">(11,748</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">(64,932</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">(76,680</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, March 31, 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">43,675,830</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">854,760</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">89,507</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(363,296</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(55,396</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,331</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">529,906</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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

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

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


<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Colliers International Group Inc.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Cash Flows</B></FONT></P>

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">ended March 31</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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Cash provided by (used in)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&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: #25408F; font-weight: bold; text-align: left">Operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&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: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(907</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">21,317</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">Items not affecting cash:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">49,492</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,640</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">26,090</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">(3,035</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(5,297</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to the fair value of mortgage premiums and
    origination fees</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,017</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(7,282</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Deferred tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(10,989</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(11,177</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; 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">(3,154</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,160</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">5,657</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="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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Amortization of advisor loans</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,610</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,233</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">24,212</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,490</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">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">984</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,363</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">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">(29,755</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="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(172,005</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">Increase in accounts payable, accrued expenses and other liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,111</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9,860</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">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">(180,308</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(268,770</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">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">(272</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(59,553</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">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">99,248</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">369,911</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">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">(184,508</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(314,073</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">Increase (decrease) in warehouse credit facilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">88,045</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(47,094</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">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">6,018</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">122,937</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash 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">(132,568</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(280,709</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&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">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">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(52,478</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">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">(18,883</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(9,835</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">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">(20,771</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(13,439</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">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">(37,996</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">44,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">30,772</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">166,328</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">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">(296</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(7,526</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by (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">(3,174</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">83,050</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&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">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">357,084</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">194,935</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">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">(184,664</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,205</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">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">(12,544</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(25,962</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">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">(535</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(40,889</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">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">15,571</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,214</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">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">(6,440</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,608</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions 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">(11,061</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(14,926</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">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="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(72,685</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">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">(49</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(49</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by financing activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">157,362</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">41,825</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Effect of exchange rate changes on cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,991</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(3,839</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  </TABLE>


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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of 23</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Colliers International Group Inc.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Cash Flows</B></FONT></P>

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">ended March 31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">2023</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">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; color: #4A4A4D">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Net change in cash, cash equivalents and restricted cash</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,611</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">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">(159,673</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; 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">199,042</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; 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">425,271</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">222,653</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">265,598</TD><TD STYLE="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; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>The accompanying notes
are an integral part of these interim consolidated financial statements.</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #25408F"><B>Colliers International Group Inc.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #25408F"></P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: gray">&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 0pt 0.5in; color: #4A4A4D">Colliers International Group Inc. (&ldquo;Colliers&rdquo;
or the &ldquo;Company&rdquo;) provides commercial real estate professional services and investment management to corporate and institutional
clients in 34 countries around the world (66 countries including affiliates and franchisees). Colliers&rsquo; primary service lines are
Outsourcing &amp; Advisory, Investment Management (&ldquo;IM&rdquo;), 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; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; 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 0pt 0.5in; color: #4A4A4D">These unaudited Interim Consolidated Financial
Statements (the &ldquo;Financial Statements&rdquo;) have been prepared by the Company in accordance with disclosure requirements for the
presentation of interim financial information. Certain information and footnote disclosures normally included in annual financial statements
prepared in accordance with generally accepted accounting principles (&ldquo;GAAP&rdquo;) in the United States of America have been condensed
or omitted in accordance with such disclosure requirements. These Financial Statements should be read in conjunction with the audited
consolidated financial statements of Colliers for the year ended December 31, 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">These Financial Statements follow the same accounting
policies as the most recent audited consolidated financial statements, except as noted in Note 3. In the opinion of management, the Financial
Statements contain all adjustments necessary to a fair statement of the financial position of the Company as at March 31, 2023 and the
results of operations and its cash flows for the three months ended March 31, 2023 and 2022. All such adjustments are of a normal recurring
nature. The results of operations for the three-month period ended March 31, 2023, are not necessarily indicative of the results to be
expected for the year ending December 31, 2023.</P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0; color: #4A4A4D"><I>Contract Assets and Contract Liabilities
from Contracts with Customers &ndash; Business Combinations</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In October 2021, the FASB issued ASU No. 2021-08,
<I>Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Subtopic 805-10: Business Combinations).</I>
The ASU requires that recognition and measurement principles of ASC 606 Revenue Recognition be applied for contract assets and contract
liabilities acquired in a business combination. The guidance in ASC 805 listing exceptions to recognition principle was amended to include
contract assets and contract liabilities. The Company adopted the guidance effective January 1, 2023. 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 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The FASB has issued three 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. In December 2022, FASB issued ASU No. 2022-06 <I>Reference Rate Reform (Topic 848): Deferral of the Sunset
Date of Topic 848</I>, with immediate effect, to defer the sunset date from December 31, 2022 to December 31, 2024, after which the entities
will no longer be permitted to apply the relief in Topic 848. 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; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Management has reviewed the recently issued accounting
guidance and there are no standards that have not yet been adopted that are expected to have a material impact on the Company&rsquo;s
consolidated financial statements.</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D"><I>2022 acquisitions</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">During the three months ended
March 31, 2022, the Company acquired controlling interests in two businesses operating in the Americas. The acquisition date fair value
of consideration transferred consisted of $52,478 in cash (net of cash acquired of $6,744).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">During the three months ended
March 31, 2023, the Company did not make any significant adjustments to its allocation of the purchase consideration for acquisitions
completed in 2022.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Unless it contains an element of compensation,
contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as
at March 31, 2023, was $93,883 (December 31, 2022 - $91,229). See note 18 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 March
31, 2023, was $83,605 (December 31, 2022 - $61,870). 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 $365,851 to a maximum of $422,260. These contingencies will expire during the period
extending to April 2028.</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In 2022, the Company discontinued
its businesses in Russia, by way of a sale of its controlling interests to local management. The proceeds received from the disposals
were de minimus and in the three months ended March 31, 2022 the Company recognized a loss on disposal in the amount of $26,090.</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">From time to time, the Company&rsquo;s Investment
Management segment purchases real estate 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 held for sale prior to the ultimate sale to the identified fund. 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.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">During the three months ended March 31, 2023,
the Company sold the portfolio of real estate held for sale as at December 31, 2022 to a newly established closed-end fund which is managed
by the Company, without gain or loss.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In March 2023, the Company acquired controlling
interests in two portfolios of land and buildings located in Europe. The Company expects to sell these portfolios, which are classified
as held for sale, to a newly established closed-end fund which is managed by the Company, without gain or loss, before the end of 2023.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">As is customary for closed-end funds, the Company
typically holds an equity interest of between 1% and 2% in these funds. There was no significant impact on net earnings related to real
estate held for sale in the three months ended March 31, 2023, or 2022.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31,</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">December 31,</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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Real estate 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">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Real estate 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">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">37,996</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">45,353</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Liabilities related to real estate 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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,353</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Net real estate 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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">37,996</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">44,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

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



<P STYLE="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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31</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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Transaction costs</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,256</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">8,593</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent consideration fair value adjustments (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,211</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,367</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Contingent consideration compensation expense (note 4)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,001</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">1,123</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">26,468</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">15,083</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; text-align: justify; text-indent: 0in; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Gross</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>carrying</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Accumulated</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">March 31, 2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>amount</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>amortization</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Net</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23,340</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,340</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,540</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; 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">52,540</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">696,441</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">204,067</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">492,374</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">590,832</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">140,599</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">450,233</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">171,469</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">69,880</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">101,589</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">27,716</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,311</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">22,405</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; 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">15,422</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,166</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">4,256</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Backlog</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">8,058</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">6,496</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">1,562</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,509,938</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">437,519</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,072,419</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&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">&nbsp;</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; 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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,562,478</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">437,519</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">1,124,959</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Gross</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>carrying</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Accumulated</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">December 31, 2022</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>amount</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>amortization</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Net</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23,285</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23,285</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,485</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; 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">52,485</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">Finite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">695,007</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">187,743</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; 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">507,264</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">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">589,885</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">126,904</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">462,981</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">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">170,213</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">65,771</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">104,442</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">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">27,702</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,389</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">23,313</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">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">15,426</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10,635</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,791</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; 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">8,299</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">3,665</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">4,634</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; 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">1,506,532</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">399,107</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,107,425</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">&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">&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">&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; 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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,559,017</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">399,107</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,159,910</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; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D">The MSR assets are evaluated
quarterly for impairment by stratifying the servicing portfolio according to predominant risk characteristics, primarily investor type
and interest rate. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. There was
no impairment recorded for the three-month period ended March 31, 2023, or 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The following table summarizes
activity related to the Company&rsquo;s mortgage servicing rights for the year ended March 31, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">104,442</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Additions, following the sale of loan</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,256</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,607</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepayments and write-offs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(502</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">101,589</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; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in; color: #4A4A4D">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; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">For the year ended December 31,</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">MSRs</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other Intangibles</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; color: #4A4A4D; text-align: left">2023 (remaining nine months)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">9,021</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">88,579</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">97,600</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2024</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10,746</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">108,266</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">119,012</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2025</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9,976</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">99,171</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">109,147</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2026</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9,386</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">95,414</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">104,800</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2027</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,791</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">89,597</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">98,388</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Thereafter</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">53,669</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">489,803</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">543,472</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; 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">101,589</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">970,830</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,072,419</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; text-align: justify; text-indent: 0in; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; 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 March 31, 2023 was 5.8% (2022 &ndash; 4.1%). The Revolving Credit Facility had $387,916 of
available undrawn credit as at March 31, 2023 ($557,594 as at December 31, 2022). As at March 31, 2023, letters of credit in the amount
of $12,124 were outstanding against the Revolving Credit Facility ($12,365 as at December 31, 2022). 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. See note 22.</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Revolving Credit Facility, Senior Notes due
2028, and Senior Notes due 2031 rank equally in terms of seniority and have similar financial covenants, including leverage and interest
coverage. The Company was in compliance with all covenants as of March 31, 2023. The Company is limited from undertaking certain mergers,
acquisitions and dispositions without prior approval.</P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 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 December 6, 2022, the Company declared its semi-annual dividend of
$0.15 per share. This modified the conversion rate to 17.2979 Subordinate Voting Shares per $1,000 principal amount of Convertible Notes,
which represents a conversion price of $57.81 per Subordinate Voting Share.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Company, at its option, may also redeem the
Convertible Notes, in whole or in part, on or after June 1, 2023, at a redemption price equal to 100% of the principal amount of the Convertible
Notes to be redeemed, plus accrued and unpaid interest, provided that the last reported trading price of the Subordinate Voting Shares
for any 20 trading days in a consecutive 30 trading day period preceding the date of the notice of redemption is not less than 130% of
the conversion price. See note 22.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In connection with the issuance of the Convertible
Notes, at the time, the Company incurred financing costs of $6,795 which are being amortized over five years using the effective interest
rate method. For the quarter ended March 31, 2023, there was $341 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; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The following table summarizes the Company&rsquo;s
mortgage warehouse credit facilities as at March 31, 2023:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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 STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Current</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Carrying</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; font-size: 10pt; color: #4A4A4D; text-align: left">Facility A - SOFR plus 1.70%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; color: #4A4A4D; text-align: center">October 19, 2023</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">69,581</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">125,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">1,924</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Facility B - SOFR plus 1.70%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: center">On demand</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,965</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&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">7,619</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Facility C - 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">1,785</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">14,743</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">400,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">112,331</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">24,286</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; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">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.
See note 22.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On October 28, 2022, the Company expanded the
committed availability of its AR Facility with two third-party financial institutions to $175,000, from $150,000, with a term extending
to October 24, 2024. As of March 31, 2023, the Company&rsquo;s draw under the AR Facility was $174,903.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.3pt 0pt 0.5in; color: #4A4A4D">All transactions under the AR Facility are
accounted for as a true sale in accordance with ASC 860, <I>Transfers and Servicing</I> (&ldquo;ASC 860&rdquo;). Following the sale of
the Receivables to the Purchaser, the Receivables are legally isolated from the Company and its wholly owned special purpose entities.
The AR Facility is recorded as a sale of accounts receivable, and accordingly sold receivables are derecognized from the consolidated
balance sheet. The Company continues to service, administer and collect the Receivables on behalf of the Purchaser, and recognizes a servicing
liability in accordance with ASC 860. The Company has elected the amortization method for subsequent measurement of the servicing liability,
which is assessed for changes in the obligation at each reporting date. As of March 31, 2023, the servicing liability was nil.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.3pt 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.3pt 0pt 0.5in; color: #4A4A4D">Under the AR Facility, the Company receives
a cash payment and a deferred purchase price (&ldquo;Deferred Purchase Price&rdquo; or &ldquo;DPP&rdquo;) for sold Receivables. The DPP
is paid to the Company in cash on behalf of the Purchaser as the Receivables are collected; however, due to the revolving nature of the
AR Facility, cash collected from the Company's customers is reinvested by the Purchaser monthly in new Receivable purchases under the
AR Facility. For the three months ending March 31, 2023, Receivables sold under the AR Facility were $416,230 and cash collections from
customers on Receivables sold were $414,441, all of which were reinvested in new Receivables purchases and are included in cash flows
from operating activities in the consolidated statement of cash flows. As of March 31, 2023, the outstanding principal on trade accounts
receivable, net of Allowance for Doubtful Accounts, sold under the AR Facility was $178,015; and the outstanding principal on contract
assets, current and non-current, sold under the AR Facility was $108,540. See note 18 for fair value information on the DPP.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.3pt 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">For the three months ended March 31, 2023, the
Company recognized a gain related to Receivables sold of $123 (2022 - $7 loss) that was recorded in other expense in the consolidated
statement of earnings. Based on the Company&rsquo;s collection history, the fair value of the Receivables sold subsequent to the initial
sale approximates carrying value.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The non-cash investing activities associated
with the DPP for the three months ended March 31, 2023, were $23,866.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>March 31,</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>December 31,</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">26,227</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">22,361</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Co-investment commitments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">55,517</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">18,588</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Maximum exposure to loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">81,744</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">40,949</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; 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></B></P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">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; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,079,306</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">RNCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,014</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">RNCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,304</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions paid to RNCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(11,134</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">(12,864</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,073,635</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; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">The Company has shareholders&rsquo; agreements
in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to &ldquo;call&rdquo; the RNCI at a price determined
with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest,
depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to &ldquo;put&rdquo; their
equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and
may be paid in cash or in Subordinate Voting Shares. The redemption amount as of March 31, 2023, was $1,012,823 (December 31, 2022 - $1,027,124).
The redemption amount is lower than that recorded on the balance sheet as the formula price of certain RNCI are lower than the amount
initially recorded at the inception of the minority equity position. If all put or call options were settled with Subordinate Voting Shares
as at March 31, 2023, approximately 9,330,000 such shares would be issued.</P>

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

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

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

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

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    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.5in"><B>15.</B></TD>
    <TD><B>Net earnings (loss) per common share</B></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">For the three months ended March 31, 2023 and
March 31, 2022, the diluted shares related to the exercise of stock options are not used in the denominator because the numerator is in
a loss position and the result would be antidilutive.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Diluted EPS is calculated using the &ldquo;if-converted&rdquo;
method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest
(net of income tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible
Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no
assumption of conversion. The &ldquo;if-converted&rdquo; method is used if the impact of the assumed conversion is dilutive. The &ldquo;if-converted&rdquo;
method is anti-dilutive for the three-month periods ended March 31, 2023 and March 31, 2022.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Net loss attributable to Company</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(20,152</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">(18,640</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; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(20,152</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(18,640</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Weighted average common shares - Basic</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,047</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,064</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Exercise of stock options</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Weighted average common shares - Diluted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">43,047</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">44,064</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; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">During the three months ended March 31, 2022,
the Company repurchased 600,539 Subordinate Voting Shares for total consideration of $76,680 under a normal course issuer bid that expired
on July 19, 2022.</P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Company has a stock option
plan for certain officers, key full-time employees and directors of the Company and its subsidiaries. Options are granted at the market
price for the underlying shares on the day immediately prior to the date of grant. Each option vests over a four-year term, expires five
years from the date granted and allows for the purchase of one Subordinate Voting Share. All Subordinate Voting Shares issued are new
shares. As at March 31, 2023, there were 894,800 options available for future grants.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">There were 7,500 stock options granted during
the three months ended March 31, 2023 (2022 - 16,250). Stock option activity for the three months ended March 31, 2023 was as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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 STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD 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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Weighted average</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Weighted</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>remaining</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Aggregate</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Number of</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>average</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>contractual life</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>intrinsic</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>options</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>exercise price</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>(years)</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>value</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Shares issuable under options -</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 48%; font-size: 10pt; color: #4A4A4D">December 31, 2022</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">3,053,000</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">94.30</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Granted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7,500</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">115.08</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(230,500</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">67.55</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Forfeited</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(10,250</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">128.94</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Shares issuable under options -</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">March 31, 2023</TD><TD STYLE="font-size: 10pt; 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">2,819,750</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">96.42</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">3.1</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">47,276</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Options exercisable - March 31, 2023</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,160,533</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">85.11</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">2.1</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">29,028</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: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">The amount of compensation expense recorded in
the statement of earnings for the three months ended March 31, 2023 was $5,657 (2022 - $4,861). As of March 31, 2023, there was $36,364
of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. During the three-month
period ended March 31, 2023, the fair value of options vested was $2,555 (2022 - $4,100).</P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The provision for income tax
for the three months ended March 31, 2023, reflected an effective tax rate of 134.5% (2022 - 43.4%) relative to the combined statutory
rate of approximately 26.5% (2022 - 26.5%). The current year&rsquo;s rate was impacted by the amortization of intangible assets and contingent
acquisition consideration associated with an investment in a UK flowthrough entity, on which no tax benefit was recognizable.</P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The following table provides the financial assets
and liabilities carried at fair value measured on a recurring basis as of March 31, 2023:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Level 1</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Level 2</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Level 3</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 58%; font-size: 10pt; 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">$</TD><TD STYLE="width: 11%; font-size: 10pt; color: #4A4A4A; text-align: right">4,081</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 11%; 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: 11%; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; 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">11,461</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">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; 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">18,556</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; 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">22,320</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; 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">120,300</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: left">Interest rate swap 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">3,898</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; 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">85,463</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">15,542</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">142,760</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">107,783</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; 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">15,155</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: left">Interest rate swap liabilities</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">2,689</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; 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">93,883</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">2,689</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">109,038</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; color: #4A4A4D">There were no significant non-recurring fair value measurements recorded
during the three months ended March 31, 2023.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Interest rate lock commitments and forward sale
commitments are derivative instruments which use a discounted cash flow model and 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 unobservable inputs related
to counterparty non-performance risk when measuring the fair value of these derivatives. Therefore, these mortgage-related derivatives
are categorized as Level 3.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,949</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Settlements</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9,428</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Realized gains recorded in 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">2,479</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Unrealized gains recorded in earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,165</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,165</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; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D"><B>&nbsp;</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Warehouse receivables represent
mortgage loans originated by the Company with commitments to sell to third party investors. Principal funded on mortgage loans plus gains
attributable to the fair value of mortgage premiums and origination fees increase warehouse receivables and proceeds received from the
sale of mortgage loans to third party investors reduce warehouse receivables. As at March 31, 2023, all of the Company&rsquo;s mortgage
warehouse receivables were under commitment to be purchased 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; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">92,278</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Additions to DPP</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,866</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Collections on DPP</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(30,772</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Fair value adjustment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">123</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">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">(32</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">85,463</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; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The Company has entered into interest rate swap
agreements (&ldquo;IRS&rdquo;) to convert floating interest on US dollar denominated debt to fixed interest rates. The interest rate swaps
are measured at fair value on the consolidated balance sheets. The table below summarizes the details of the interest rate swaps in place
as at March 31, 2023.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Effective</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Maturity</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Notional Amount</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Interest rates</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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">of US dollar debt</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Floating</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fixed</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; font-size: 10pt; color: #4A4A4D"><FONT STYLE="font-size: 10pt; color: #4A4A4D">2018 IRS<SUP>1</SUP></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: 14%; font-size: 10pt; color: #4A4A4D; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">December 7, 2018</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">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; color: #4A4A4D; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">April 30, 2023</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">$</TD><TD STYLE="width: 14%; font-size: 10pt; color: #4A4A4D; text-align: right">100,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 16%; font-size: 10pt; color: #4A4A4D; text-align: center">SOFR</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-size: 10pt; color: #4A4A4D; text-align: right">2.6026</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">2022 IRS A</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">July 15, 2022</FONT></TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">May 27, 2027</FONT></TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">150,000</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: center">SOFR</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2.8020</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">2022 IRS B</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">December 21, 2022</FONT></TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">May 27, 2027</FONT></TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">250,000</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: center">SOFR</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3.5920</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">2023 IRS</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">April 28, 2023</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">May 27, 2027</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">100,000</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="font-size: 10pt; color: #4A4A4D; text-align: center; border-bottom: Black 1pt solid">SOFR</TD><TD STYLE="font-size: 10pt; 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">3.7250</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  </TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 95%; margin-left: 0.5in">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"><I>(1)</I></FONT></TD>
  <TD STYLE="width: 97%"><FONT STYLE="font-size: 9pt"><I>In May 2022, the Company amended the 2018 IRS to convert SOFR floating interest
  rates into a weighted average fixed interest rateof 2.6026%. Previously it was converting from LIBOR floating interest rate into a
  fixed interest rate of 2.7205%.</I></FONT></TD></TR>
</TABLE>

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

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


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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On July 1, 2021, the Company dedesignated 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. As at June 30, 2021, $5,595 of cumulative losses were reported in accumulated other
comprehensive earnings (loss). This accumulated other comprehensive loss will be recognized to interest expense commensurate with when
the forecasted cash flows originally designated as a hedge affect earnings, or earlier if it is probable these forecasted cash flows will
not occur. In the three months ended March 31, 2023, $618 of the accumulated other comprehensive loss was included in interest expense
on the consolidated statements of earnings (2022 - $631).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">2022 IRS A, 2022 IRS B and 2023 IRS (collectively
the &ldquo;Designated IRSs&rdquo;) are being accounted for as cash flow hedges and are measured at fair value on the consolidated balance
sheets. Gains or losses on the Designated IRSs, which are determined to be effective as hedges, are reported in AOCI.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">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 $2,600. See note 4 for discussion on
contingent acquisition consideration.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">91,229</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">2,211</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Resolved and settled in cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(535</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">978</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">93,883</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Less: current portion</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,267</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current portion</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,616</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; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">The 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; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Carrying</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Fair</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Carrying</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Fair</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>amount</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>value</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>amount</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>value</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">512,548</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">425,399</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">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">506,533</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">414,195</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">226,875</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">419,932</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">226,534</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">366,183</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; 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></B></P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">In 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 accrued, will not have a material impact on the Company&rsquo;s financial condition
or the results of operations.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Colliers Mortgage is obligated
to share in losses, if any, related to mortgages originated under the DUS Program. These obligations expose the Company to credit risk
on mortgage loans for which the Company is providing underwriting, servicing, or other services under the DUS Program. Net losses on defaulted
loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject to sharing up to one-third
of incurred losses on loans originated under the DUS Program. As of March 31, 2023, the Company has funded and sold loans subject to such
loss sharing obligations with an aggregate unpaid principal balance of approximately $4,518,000. As at March 31, 2023, the loss reserve
was $13,321 (December 31, 2022 - $14,470) and was included within Other liabilities on the Consolidated Balance Sheets.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Pursuant to its licenses with
Fannie Mae, Ginnie Mae and HUD, Colliers Mortgage is required to maintain certain standards for capital adequacy which include minimum
net worth and liquidity requirements. If it is determined at any time that Colliers Mortgage fails to maintain appropriate capital adequacy,
the licensor reserves the right to terminate the Company&rsquo;s servicing authority for all or some of the portfolio. At March 31, 2023,
Colliers Mortgage was in compliance with all such requirements.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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 STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD 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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Asia</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Investment</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Americas</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>EMEA</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Pacific</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Management</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Corporate</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Consolidated</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-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: #25408F; font-weight: bold">Three months ended March 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 28%; 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">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">188,420</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">25,636</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,331</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">238,387</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">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">112,792</TD><TD 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">18,313</TD><TD 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">20,735</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD 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">151,840</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">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">140,618</TD><TD 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">49,580</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">24,444</TD><TD 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">214,642</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">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">79,368</TD><TD 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">18,766</TD><TD 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">28,187</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&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">126,321</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">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">41,348</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,424</TD><TD 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">19,450</TD><TD 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">90,222</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">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">120,746</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">&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">120,746</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">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">
    <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">19,005</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,652</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">2,946</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-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">142</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">23,745</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">Total Revenue</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">581,551</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">143,371</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">120,093</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">120,746</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">142</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">965,903</TD><TD STYLE="border-bottom: Black 2.5pt double; 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; color: #25408F; 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">
    <TD STYLE="padding-left: 10pt; width: 28%; font-size: 10pt; color: #4A4A4D">Leasing</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">188,688</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">30,317</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">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">18,267</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">-</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">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; text-align: right">237,272</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">192,066</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,884</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">29,768</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">262,718</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">118,676</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,565</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">17,086</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">172,327</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">70,278</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">16,988</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,817</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">119,083</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">52,493</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">27,471</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,039</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">100,003</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">IM - Advisory and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">61,647</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">61,647</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">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">24,730</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">24,730</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">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">19,497</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">1,100</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,403</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">132</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">23,132</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 2.5pt double">Total Revenue</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">641,698</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">153,325</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">119,380</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">86,377</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">132</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: right">1,000,912</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; color: #4A4A4D">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 ended March 31, 2023, $9,793 of Capital Markets revenue (2022 - $16,858) and $10,860 of Other Revenue (2022 - $12,453)
was excluded from the scope of ASC 606. These revenues were included entirely within the Americas segment.</P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">As at March 31, 2023, the Company had contract
assets totaling $103,551 of which $85,911 was current ($107,679 as at December 31, 2022 - of which $91,924 was current). During the three
months ended March 31, 2023, approximately 55% 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: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">As at March 31, 2023, the Company had contract
liabilities (all current) totaling $40,787 ($25,616 as at December 31, 2022). Revenue recognized for the three months ended March 31,
2023, totaled $17,352 (2022 - $21,095) that was included in the contract liability balance at the beginning of the year.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&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; font-weight: bold; text-align: left">OPERATING SEGMENTS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-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; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Asia</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Investment</B></FONT></TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Americas</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>EMEA</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Pacific</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Mgmt</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Corporate</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Consolidated</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-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: #25408F; font-weight: bold">Three months ended March 31</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-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><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-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: #25408F; font-weight: bold; text-align: left">2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 28%; font-size: 10pt; color: #4A4A4D; font-weight: bold">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">581,551</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">143,371</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">120,093</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">120,746</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">142</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">965,903</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,470</TD><TD 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">9,507</TD><TD 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">3,010</TD><TD 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">17,876</TD><TD 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">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">49,492</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">32,870</TD><TD 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">(25,034</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">5,040</TD><TD 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">14,804</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,536</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">22,144</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-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: #25408F; 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">
    <TD STYLE="padding-left: 10pt; 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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">641,698</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">153,325</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">119,380</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">86,377</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">132</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,000,912</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,816</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,364</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,848</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,808</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">804</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,640</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">61,307</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(30,781</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,225</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">17,221</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(15,138</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">40,834</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" 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: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31</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: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">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; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">United States</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 70%; 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">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">568,215</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">592,712</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,270,291</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,504,135</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Canada</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">95,916</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">119,259</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">75,650</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">81,077</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Euro currency countries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">86,395</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">82,770</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">369,194</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">258,872</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Australia</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">52,600</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">47,731</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">106,550</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">72,891</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">United Kingdom</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">54,511</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,979</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">526,082</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">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">67,135</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></TR>
  <TR STYLE="vertical-align: bottom">
    <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></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,240</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,414</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,720</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,917</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">88,026</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">100,047</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">287,546</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">151,256</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Consolidated</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">965,903</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,000,912</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,642,033</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">2,144,283</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; text-align: justify; margin: 0pt 0; color: #4A4A4D"></P>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On April 12, 2023, and May 2, 2023, the Company
completed the acquisitions for controlling interests in Greenstone Group Limited and Craig &amp; Rhodes Pty Limited, respectively, for
a combined initial cash purchase price of $10,797. Each acquisition is expected to be accounted for using the acquisition method of accounting
for business combinations.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On April 4, 2023, the Company issued a notice
of redemption to all holders of the Convertible Notes. The applicable redemption date is June 1, 2023 (the &ldquo;Redemption Date&rdquo;),
and the Company will, in accordance with the terms and conditions of the indenture governing the Convertible Notes, satisfy its obligations
in connection with any redeemed Convertible Notes by issuing an amount of Subordinate Voting Shares (&ldquo;Shares&rdquo;) per US$1,000
of redeemed principal amount that is calculated based on the average of daily volume-weighted average trading prices of the Shares for
the thirty trading day period ending on May 24, 2023. All accrued but unpaid interest on any redeemed amounts for the period up to but
excluding the Redemption Date will be paid in cash.</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">Prior to June 1, 2023, holders of the Convertible
Notes have the right to convert into shares at a conversion rate of 17.7607 Shares per US$1,000 of principal amount, which is equivalent
to a conversion price of approximately US$56.30 per Share.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On April 28, 2023, the Company increased the
borrowing capacity under its Revolving Credit Facility by $250,000 to $1,750,000 on the same terms and conditions. See note 9.</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">On April 17, 2023, the Company terminated Facility
C and amended Facility A to increase the borrowing capacity to $275,000 with the right to increase its borrowing capacity up to an additional
$150,000. The amendment also modified the interest rate to SOFR plus 1.40% without any change in the maturity. See note 11.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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



<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="mdacover.jpg" ALT="" STYLE="height: 800px; width: 618px"></P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; color: #4A4A4D">&nbsp;</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 three months ended March 31, 2023</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">May 5, 2023</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 consolidated financial statements and the accompanying notes of Colliers
International Group Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; the &ldquo;Company&rdquo; or &ldquo;Colliers&rdquo;)
for the three months ended March 31, 2023 and the Company&rsquo;s audited consolidated financial statements and MD&amp;A for the year
ended December 31, 2022. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles
in the United States (&ldquo;GAAP&rdquo;). All financial information herein is presented in United States dollars.</I></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"><I>The Company has prepared this MD&amp;A with reference
to National Instrument 51-102 &ndash; Continuous Disclosure Obligations of the Canadian Securities Administrators (the &ldquo;CSA&rdquo;).
Under the U.S./Canada Multijurisdictional Disclosure System, the Company is permitted to prepare this MD&amp;A in accordance with the
disclosure requirements of Canada, which requirements are different from those of the United States. This MD&amp;A provides information
for the three months ended March 31, 2023 and up to and including May 5, 2023.</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">&nbsp;</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 three months ended March
31, 2023 were $965.9 million, a decrease of 3% versus the prior year quarter (1% in local currency). Capital Markets revenues declined
considerably in line with overall market conditions while Investment Management and Outsourcing &amp; Advisory generated robust growth.
Leasing revenues were up slightly. GAAP diluted net loss per share was $0.47 as compared to $0.42 in the prior year quarter, which included
a $26.1 million loss on disposal of certain operations in EMEA. Adjusted earnings per share, which exclude acquisition-related costs,
non-controlling interest redemption increment, loss on disposal of operations and amortization of intangible assets (see &ldquo;Reconciliation
of non-GAAP financial measures&rdquo; below) were $0.86, down 40% from $1.44 in the prior year quarter. The decrease was attributable
to (i) higher interest expense from higher debt levels resulting from 2022 acquisition activity and higher interest rates as well as (ii)
higher non-controlling share of earnings of acquired businesses. GAAP net diluted earnings per share and adjusted net earnings per share
for the three months ended March 31, 2023 were not materially impacted 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 2023, the Company entered into an agreement to
acquire a controlling interest in Greenstone Group Limited (&ldquo;Greenstone&rdquo;), a project management and property advisory firm
in New Zealand. The business will rebrand as Colliers Project Leaders and integrate into Colliers&rsquo; New Zealand operations.</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 May 2023, the Company entered into an agreement to acquire
a controlling interest in Craig &amp; Rhodes Pty Limited (&ldquo;Craig &amp; Rhodes&rdquo;), a multi-discipline engineering, design and
survey firm in Australia. The business will rebrand as Colliers Engineering &amp; Design and integrate into Colliers&rsquo; existing operations
in Australia.</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 months ended March 31, 2023, local currency
revenue declined by 1%, primarily due to the significant decline in Capital Markets activity in the seasonally slow first quarter, partly
offset by growth in high-value recurring revenues from Investment Management and Outsourcing &amp; Advisory.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Change</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Change</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; font-style: italic">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">in US$ </TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">in LC </TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; font-style: italic">(LC = local currency)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">%</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">%</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="width: 48%; 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">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">454,930</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">414,545</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">10</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">13</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="font-size: 10pt; 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">120,746</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">86,377</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="font-size: 10pt; 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">238,387</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">237,272</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Capital Markets</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">151,840</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; 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">&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">262,718</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: right">-42</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: right">-41</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">Total revenues</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">965,903</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,000,912</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-3</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-1</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="margin: 0"><I>(1) Investment Management local currency revenues, excluding pass-through carried interest, were up 96% for the
three months ended March 31, 2023</I></P>


<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0; color: #4A4A4A">&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 March 31, 2023</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">For the three months ended March 31, 2023, revenues were
$965.9 million, 3% lower than the comparable prior year quarter (1% in local currency). Investment Management and Outsourcing &amp; Advisory
generated robust growth, Leasing was up slightly while Capital Markets declined considerably in line with overall market conditions. Internally
generated revenues declined 9% 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 first quarter were $22.1 million
versus $40.8 million in the prior year quarter. Operating earnings margin was 2.3% as compared to 4.1% in the prior year quarter. The
margin decline was attributable to a change in service mix in the seasonally slowest quarter. Adjusted EBITDA (see &ldquo;Reconciliation
of non-GAAP financial measures&rdquo; below) was $104.6 million down 14% versus $121.5 million reported in the prior year quarter. The
Adjusted EBITDA margin was 10.8% 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 $12.6 million relative to $12.0
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 $36.8 million, versus $24.6 million
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 $22.8 million, versus $6.3 million
recorded in the prior year quarter with the increase attributable to higher usage of the Company&rsquo;s senior unsecured revolving credit
facility (&ldquo;Revolving Credit Facility&rdquo;) and higher reference rates relative to the prior year quarter. The average interest
rate on debt during the period was 4.2%, relative to 3.1% in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Consolidated income tax expense for the quarter was $3.5
million, relative to $16.3 million in the prior year quarter. The current quarter&rsquo;s effective tax rate of 134.5% versus 43.4% in
the prior year quarter. The current period tax rate was impacted by the outside basis difference in an investment in the United Kingdom
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>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Net loss for the quarter was $0.9 million versus earnings
of $21.3 million in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Revenues in the Americas region totalled $581.6 million
for the first quarter, down 9% (8% in local currency) versus $641.7 million in the comparative prior year quarter. The decline was related
to the significant fall-off in Capital Markets transaction volumes across all asset classes, relative to a very strong prior year quarter.
Outsourcing &amp; Advisory revenues were up high single digits, driven by growth in Engineering &amp; Design and Property Management,
while Leasing revenues were flat. Adjusted EBITDA was $53.9 million, down 34% (33% in local currency) relative to the strong prior year
quarter. The decline in Adjusted EBITDA was due to lower revenues and a change in service mix. GAAP operating earnings were $32.9 million,
relative to $61.3 million in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Revenues in the EMEA region totalled $143.4 million, down
6% (2% in local currency) compared to $153.3 million in the prior year quarter. Revenue declined significantly in Capital Markets, in
line with overall market conditions. Foreign exchange headwinds impacted revenues by 4%. Adjusted EBITDA was a loss of $11.3 million in
the seasonally slow first quarter as compared to earnings of $4.9 million in the prior year quarter. GAAP operating loss was $25.0 million,
versus $30.8 million in the prior year quarter.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; color: #4A4A4A">Revenues in the Asia Pacific region totalled $120.1 million
compared to $119.4 million in the prior year quarter, up 1% (7% in local currency), with growth in Leasing and Outsourcing &amp; Advisory
more than offsetting a decline in Capital Markets. Foreign exchange headwinds impacted revenues by 6%. Adjusted EBITDA was $8.0 million,
down 21% (15% in local currency) relative to the strong prior year quarter on changes in service mix. GAAP operating earnings were $5.0
million, versus $8.2 million in the prior year quarter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Investment Management revenues for the first quarter were
$120.7 million compared to $86.4 million in the prior year quarter, up 40% (40% in local currency). Passthrough revenue (from historical
carried interest) was nil versus $24.7 million in the prior year quarter. Excluding the impact of carried interest, revenue was up 96%
(96% in local currency) driven by (i) acquisitions and (ii) management fee growth from increased assets under management. Adjusted EBITDA
was $54.9 million, up 105% (105% in local currency) over the prior year quarter. GAAP operating earnings were $14.8 million in the quarter,
versus $17.2 million in the prior year quarter with the reduction attributable to contingent acquisition consideration related to recent
acquisitions. Assets under management were $97.6 billion as of March 31, 2023, as compared to $97.7 billion as of December 31, 2022, with
modestly lower asset values mostly offset by net capital inflows.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4A">Unallocated global corporate costs as reported in Adjusted
EBITDA were $0.9 million in the first quarter, relative to $1.5 million in the prior year quarter. The corporate GAAP operating loss for
the quarter was $5.5 million relative to $15.1 million in the first quarter of 2022.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold">Summary of quarterly results - years ended December 31, 2023, 2022 and 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold">(in thousands of US$, except per share amounts)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Q1</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Q2</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Q3</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Q4</B></FONT></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">965,903</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">22,144</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net 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">(907</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net 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">(0.47</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net 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">(0.47</TD><TD STYLE="white-space: nowrap; 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="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 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="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,000,912</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,127,846</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,108,324</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,222,405</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">103,850</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">84,030</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">103,782</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">66,731</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,524</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">61,972</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings (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="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.70</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.28</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.52</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings (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="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.67</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.27</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.51</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">945,994</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,022,756</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,345,465</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (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="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(385,777</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">75,966</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">138,354</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (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="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(412,601</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,496</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">99,741</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings (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="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(10.53</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.41</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.98</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings (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="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(10.53</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.40</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.92</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Other data*</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2023</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">104,623</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2022</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">121,461</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">161,313</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">145,065</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">202,686</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 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="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">136,558</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">123,641</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">192,010</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EPS - 2023</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">0.86</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EPS - 2022</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.44</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.84</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.41</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2.31</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Adjusted EPS - 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.04</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.58</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.27</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2.25</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-style: italic; text-align: left">*See "Reconciliation of non-GAAP financial measures"</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-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"></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">The Company historically 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. Capital Markets operations comprised 24% of consolidated annual
revenues for 2022. Variations can be caused by business acquisitions which alter the consolidated service mix.</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">Outlook for 2023</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In early February, the Company provided its initial outlook
for 2023. Since then, a significant banking crisis has occurred, availability of credit has tightened further and uncertainty around asset
valuations has increased, causing a revision to the outlook. Lower transaction volumes are now expected to persist for the remainder of
the year. Capital Markets revenues are expected to be down 30-40% for the second quarter versus the prior year period, with year-over-year
comparisons becoming more favourable in the third and fourth quarters.</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">Robust growth (including the impact of recent acquisitions)
is expected to continue in the Company&rsquo;s high value recurring service lines, Investment Management and Outsourcing &amp; Advisory,
while Leasing is expected to remain flat to down slightly. The Company expects higher Adjusted EBITDA margins in 2023 due to the change
in service mix (greater proportion of earnings coming from higher-margin Investment Management) offset in part by lower Capital Markets
margins, net of cost control measures across the Company. Adjusted EPS growth is expected to continue to be impacted by increased interest
costs as well as a larger proportion of earnings growth generated from non-wholly owned operations.</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">The outlook for 2023, including the impact of acquisitions
completed in 2022 and to the present date in 2023, is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1F497D 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #25408F"><B>2023 Outlook</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Measure</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #25408F"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Revised</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #25408F"><B>Prior</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>Revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$4.5 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$4.4 billion - $4.6 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$4.6 billion - $4.8 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>AEBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$630.5 million</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$670 million - $720 million</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$710 million - $750 million</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>AEPS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$6.99 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$6.70 - $7.50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #25408F 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #4A4A4D">$7.50 - $8.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">The financial outlook is based on the Company&rsquo;s best
available information as of the date of this MD&amp;A, and remains subject to change based on numerous macroeconomic, health, social,
geopolitical and related factors.</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">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 three months
ended March 31, 2023 was $132.6 million, versus $280.7 million in the prior year quarter. The decrease in cash usage was primarily due
to lower working capital usage as compared to the prior year quarter, which was impacted by payment of accrued compensation and higher
contingent acquisition consideration paid. We believe that cash from operations and other existing resources, including our $1.75 billion
multi-currency Revolving Credit Facility, 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 three months ended March 31, 2023, capital expenditures
were $18.9 million (March 31, 2022 - $9.8 million). Capital expenditures for the year ending December 31, 2023 are expected to be between
$90-$100 million, with the increase primarily attributable to investments in office space in major markets, some of which were deferred
from 2022 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 is considered a supplementary financial
measure and as of March 31, 2023 was $1.44 billion, versus $1.27 billion as of December 31, 2022. Net indebtedness is calculated as the
current and non-current portion of long-term debt (excluding the Convertible Notes and warehouse credit facilities, in accordance with
our debt agreements) less cash and cash equivalents. As of March 31, 2023, the Company&rsquo;s financial leverage ratio expressed in terms
of net debt to pro forma Adjusted EBITDA, as defined in our debt agreements, was 2.2x (1.8x as of December 31, 2022), relative to a maximum
of 3.5x permitted under our debt agreements. Including the Convertible Notes, our net indebtedness as of March 31, 2023 was $1.67 billion.
We were in compliance with the covenants contained in our debt agreements as of March 31, 2023 and, based on our outlook for 2023, 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">The Company&rsquo;s Revolving Credit Facility matures in
May 2027. 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 March 31, 2023, the Company had $387.9
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>

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

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<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">In April 2023 the Company increased its borrowing capacity
under its Revolving Credit Facility by $250 million to $1.75 billion. The Company was in compliance with all covenants as of March 31,
2023.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">The Company&rsquo;s 4.0% convertible senior subordinated
notes (the &ldquo;Convertible Notes&rdquo;), 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 in accordance with our debt agreements. The Convertible
Notes are convertible into approximately 4.0 million Subordinate Voting Shares or, if not converted, may be settled at maturity with Subordinate
Voting Shares or cash at the option of the Company.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">On April 4, 2023, the Company issued a notice of redemption
to all holders of its Convertible Notes. The applicable redemption date is June 1, 2023 (the &ldquo;Redemption Date&rdquo;), and the Company
will, in accordance with the terms and conditions of the indenture governing the Convertible Notes, satisfy its obligations in connection
with any redeemed Convertible Notes by issuing an amount of Subordinate Voting Shares per $1,000 of redeemed principal amount that is
calculated based on the average of daily volume-weighted average trading prices of the Shares for the thirty trading day period ending
on May 24, 2023. All accrued but unpaid interest on any redeemed amounts for the period up to but excluding the Redemption Date will be
paid in cash. The Company expects substantially all holders of Convertible Notes to convert into shares at a conversion rate of 17.7607
shares per $1,000 of principal amount, which is equivalent to a conversion price of approximately $56.30 per share.</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">The Company&rsquo;s accounts receivable facility (&ldquo;AR
Facility&rdquo;) (which includes selected US and Canadian trade accounts receivable) with two third-party financial institutions has committed
availability of $175 million with a maturity date of October 24, 2024. The AR Facility is recorded as a sale of accounts receivable, and
accordingly sold receivables are derecognized from the consolidated balance sheet. Borrowing costs under our AR Facility are lower than
comparable borrowings under our Revolving Credit Facility. As of March 31, 2023, the Company had drawn $174.9 million under the AR Facility.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">During 2022, the Company acquired certain real estate assets
in connection with the establishment of new Investment Management funds. The real estate assets, as well as corresponding liabilities,
will be transferred to the respective funds during 2023, without gain or loss. The Company recorded the corresponding assets and liabilities
on the consolidated balance sheet as of March 31, 2023. 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">The Company pays semi-annual dividends 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 December 6, 2022, the Company&rsquo;s
Board of Directors declared a semi-annual dividend of $0.15 per share to shareholders of record on December 30, 2022, paid on January
13, 2023. Total common share dividends paid by the Company during the three months ended March 31, 2023 were $6.4 million (March 31, 2022
- $6.6 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 three months ended March 31, 2023, the Company
invested cash in acquisitions as follows: $12.5 million in acquisitions of redeemable non-controlling interest and $0.8 million in contingent
consideration payments. 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). The Company expects to fund any future acquisitions 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 $422.3
million as at March 31, 2023 (December 31, 2022 - $422.0 million). Unless it contains an element of compensation, contingent consideration
is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at March 31, 2023 was $93.9
million (December 31, 2022 - $91.2 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 consolidated
balance sheet for the compensatory element of contingent consideration arrangements as at March 31, 2023 was $83.6 million (December 31,
2022 - $61.9 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 April 2028. We estimate that approximately 86% of the contingent consideration outstanding
as of March 31, 2023 will ultimately be paid.</P>

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

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

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<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">The following table summarizes our contractual obligations
as at March 31, 2023:</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="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">Contractual obligations</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payments due by period</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #25408F">(in thousands of US$)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; text-align: right">Less than</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; text-align: right">After</TD><TD STYLE="font-size: 10pt; color: #25408F">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; text-align: right; border-bottom: Black 1pt solid">1 year</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; text-align: right; border-bottom: Black 1pt solid">1-3 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; text-align: right; border-bottom: Black 1pt solid">4-5 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; text-align: right; border-bottom: Black 1pt solid">5 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,616,536</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">3,632</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">403</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">1,099,953</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">512,548</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse credit facilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">112,331</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">112,331</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D"><FONT STYLE="font-size: 10pt; color: #4A4A4D">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">226,875</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">226,875</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on long-term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;&nbsp;and Convertible Notes<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">84,290</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,477</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">23,400</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">23,374</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,039</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finance lease obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,639</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">751</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">818</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">70</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Contingent acquisition consideration<SUP>(3)</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">93,883</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">44,267</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">28,049</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,452</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">115</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating leases obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">554,286</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">105,059</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">168,966</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">106,532</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">173,729</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchase commitments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">67,947</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,488</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">37,290</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">7,534</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,635</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; 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">55,517</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">55,517</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total contractual obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,813,304</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">356,522</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">485,801</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,258,915</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">712,066</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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: 0pt"></TD><TD STYLE="width: 17.5pt"><I>(1)</I></TD><TD><I>See Note 22 to consolidated financial statements.</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: 0pt"></TD><TD STYLE="width: 17.5pt"><I>(2)</I></TD><TD><I>No interest calculated beyond May 31, 2023 on Convertible Notes. 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 $290.8 million of interest payments, $70.0 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: 0pt"></TD><TD STYLE="width: 17.5pt"><I>(3)</I></TD><TD><I>Estimated fair value as at March 31, 2023.</I></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0; color: #4A4A4D">As at March 31, 2023, we had commercial
commitments totaling $12.1 million comprised of letters of credit outstanding due to expire within one year.</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0; color: #4A4A4D">In most operations where managers or
employees are also non-controlling owners, the Company is party to shareholders&rsquo; agreements. These agreements allow us to &ldquo;call&rdquo;
the redeemable non-controlling interests (&ldquo;RNCI&rdquo;) at a value determined with the use of a formula price, which is in most
cases equal to a multiple of trailing two-year average earnings, less debt. Non-controlling owners may also &ldquo;put&rdquo; their interest
to the Company at the same price, with certain limitations including (i) the inability to &ldquo;put&rdquo; more than 25% to 50% of their
holdings in any twelve-month period and (ii) the inability to &ldquo;put&rdquo; any holdings for at least one year after the date of our
initial acquisition of the business or the date the non-controlling shareholder acquired their interest, as the case may be.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0; color: #4A4A4D">The total value of the RNCI (the &ldquo;redemption
amount&rdquo;), as calculated in accordance with shareholders&rsquo; agreements, was $1.01 billion as of March 31, 2023 (December 31,
2022 - $1.03 billion). The amount recorded on our balance sheet under the caption &ldquo;redeemable non-controlling interests&rdquo; is
the greater of (i) the redemption amount (as above) or (ii) the amount initially recorded as RNCI at the date of inception of the minority
equity position. As at March 31, 2023, the RNCI recorded on the balance sheet was $1.07 billion (December 31, 2022 - $1.08 billion). The
purchase prices of the RNCI may be paid in cash or in Subordinate Voting Shares of Colliers. If all RNCI were redeemed in cash, the pro
forma estimated accretion to diluted net earnings per share for the three months ended March 31, 2023 would be $0.26, and the accretion
to Adjusted EPS would be $0.06.</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><I>Revenue recognition.</I> We earn revenues from brokerage transaction commissions, advisory fees, debt
finance fees, property management fees, project management fees, engineering and design fees, 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: 0in; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Goodwill.</I> Goodwill impairment testing involves assessing whether events have occurred that would
indicate potential impairment and making estimates concerning the fair values of reporting units and then comparing the fair value to
the carrying amount of each unit. The determination of what constitutes a reporting unit requires significant management judgment. We
have four reporting units, consistent with our four operating segments. Goodwill is attributed to the reporting units at the time of acquisition.
Estimates of fair value can be impacted by changes in the business environment, prolonged economic downturns or declines in the market
value of the Company&rsquo;s own shares and therefore require significant management judgment in their determination. When events have
occurred that 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: 0in; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><I>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; margin: 0pt 0 0pt 0.5in; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><I>Allowance for credit loss reserves.</I> Colliers Mortgage is obligated to share in losses, if any,
related to mortgages originated under the Fannie Mae Delegated Underwriting and Servicing (&ldquo;DUS&rdquo;) Program. These obligations
expose the Company to credit risk on mortgage loans for which the Company is providing underwriting, servicing, or other services under
the DUS Program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the
Company is subject to sharing up to one-third of incurred losses on loans originated under the DUS Program. As of March 31, 2023, the
Company has funded and sold loans subject to such loss sharing obligations with an aggregate unpaid principal balance of approximately
$4.5 billion. As at March 31, 2023, the loss reserve was $13.3 million (December 31, 2022 - $14.5 million) and was included within Other
liabilities on the consolidated balance sheet.</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>

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<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>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 certain financial
measures that are not calculated in accordance with GAAP.</P>

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

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

<P STYLE="font-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="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(907</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">3,539</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">16,327</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other 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">(3,320</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,128</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,832</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">6,318</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,144</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">26,090</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">49,492</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">36,640</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">(3,035</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(5,297</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">3,154</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,160</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">26,468</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">15,083</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">743</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">90</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock-based compensation expense</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,657</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,861</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted EBITDA</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">104,623</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">121,461</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font-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>

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<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="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(907</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">21,317</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">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">(10,941</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(8,516</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,300</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,300</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">26,090</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">36,843</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,591</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">(3,035</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(5,297</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-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">26,468</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">15,083</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">743</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">90</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">5,657</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,861</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">(11,348</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,419</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Non-controlling interest on adjustments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(5,153</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(3,670</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,627</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">70,430</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in US$)</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; color: #4A4A4D; text-align: left"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Diluted net loss per common share<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(0.42</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">(0.38</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">0.17</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.64</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.53</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">0.48</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.30</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">(0.04</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.06</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-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">0.52</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.27</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.01</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Stock-based compensation expense, net of tax</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.10</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">0.10</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Adjusted EPS</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.86</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.44</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Diluted weighted average shares for Adjusted EPS (thousands)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">47,422</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">48,791</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; color: #4A4A4D; font-style: italic; text-align: justify">(1) Amounts shown reflect the "if-converted" method's dilutive impact on the Adjusted EPS calculation for the three months ended March 31, 2023 and 2022.</TD></TR>
  </TABLE>

<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 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">Free cash flow is defined as net cash flow from operating
activities plus contingent acquisition consideration paid, less purchases of fixed assets, plus cash collections on AR Facility deferred
purchase price less distributions to non-controlling interests. 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. 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>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #25408F; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #25408F; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; color: #4A4A4D; text-align: left">Net cash used in operating activities</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(132,568</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">(280,709</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">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">272</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">59,553</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchase 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">(18,883</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(9,835</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Cash collections on AR Facility deferred purchase price</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">30,772</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">166,328</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; text-align: left">Distributions paid to non-controlling interests</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(11,061</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(14,926</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Free cash flow</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-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">(131,468</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(79,589</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
  </TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">Percentage revenue and Adjusted EBITDA 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 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. Adjusted EBITDA for this purpose is calculated in the same manner as for our debt agreement covenant calculation
purposes, incorporating the expected full year impact of business acquisitions and dispositions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; 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>Contract Assets and Contract Liabilities from Contracts
with Customers &ndash; Business Combinations</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">In October 2021, the FASB issued ASU No. 2021-08, <I>Accounting
for Contract Assets and Contract Liabilities from Contracts with Customers (Subtopic 805-10: Business Combinations).</I> The ASU requires
that recognition and measurement principles of ASC 606 Revenue Recognition be applied for contract assets and contract liabilities acquired
in a business combination. The guidance in ASC 805 listing exceptions to recognition principle was amended to include contract assets
and contract liabilities. The Company adopted the guidance effective January 1, 2023. 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 three 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. In December 2022, FASB issued ASU No. 2022-06 <I>Reference Rate Reform (Topic 848): Deferral of the Sunset
Date of Topic 848</I>, with immediate effect, to defer the sunset date from December 31, 2022 to December 31, 2024, after which the entities
will no longer be permitted to apply the relief in Topic 848. 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; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D"><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 (amended in May 2022), the Company entered into interest rate swap agreements to convert the SOFR floating
interest rate on $100.0 million of US dollar denominated debt into a fixed interest rate of 2.6026% 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 these 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 and December 2022, the Company entered into similar
interest rate swap agreements (the &ldquo;2022 IRS&rdquo;) to hedge an additional $150.0 million and $250.0 million of US dollar borrowings
under the Revolving Credit Facility at fixed interest rates of 2.8020% and 3.5920%, respectively. In April 2023, the Company entered into
another similar swap agreement (the &ldquo;2023 IRS&rdquo;) to hedge an additional $100.0 million of US dollar borrowings under the Revolving
Credit Facility at a fixed interest rate of 3.7250%. The 2022 IRS and 2023 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 and 2023 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">As at March 31, 2023, the Company had $3.5 million of loans
receivable from non-controlling shareholders (December 31, 2022 - $3.6 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 6.6%. 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; 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">Outstanding share data</P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: #4A4A4D">As of the date hereof, the Company has outstanding 42,459,584
Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. In addition, as at the date hereof 2,814,750 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.</P>

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

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

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

<P STYLE="font-size: 10pt; 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">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 March 31, 2023. Based on this evaluation, the
Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as at March
31, 2023.</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"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; 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 March 31, 2023, 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 March 31, 2023, 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">There are no legal proceedings to which Colliers is a party
to, or in respect of which, any of the property of Colliers is the subject of, which is or was material to Colliers during 2023, and Colliers
is not aware of any such legal proceedings that are contemplated. In the normal course of operations, Colliers is subject to routine immaterial
claims and litigation incidental to its business. Litigation currently pending or threatened against Colliers includes disputes with former
employees and commercial liability claims related to services provided by Colliers. Colliers 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; text-align: justify; margin: 0pt 0; color: #4A4A4D">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Economic conditions, especially as they relate to rising interest rates, 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">The continuing impact and aftermath of the global COVID-19 pandemic and its related impact on 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">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">The effect of significant movements in average capitalization 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 change in or loss of our relationship with US government agencies.</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.</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.</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 fundraise in our Investment Management operations, or an increase in redemptions
from our perpetual funds and separately managed accounts.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #4A4A4D"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 21pt; text-align: right"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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, and our ability
to recover from such incidents.</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">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">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. 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, 2022, 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>

<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">&nbsp;</P>

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

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

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

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

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

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

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

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



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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
