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Real Estate July 20, 2015 Industry Report

Real Estate: Deconstructing FirstService to Enhance Value

Recommendation

Last month FirstService completed its proposed spin-off transaction through a tax efficient plan of arrangement. Shareholders received one share in a new entity aptly named FirstService, which focuses on residential property management and services, and retained ownership of the Colliers International stub—a pure play in global commercial real estate services. With this report we are initiating research coverage of the new FirstService and its two market leading divisions with an Outperform recommendation and a $33.00 target, and bringing our old FirstService model up to date for the conversion to the Colliers business. We also rate this stock Outperform with a target price of $50.00.

Analysis

On balance, we see FirstService and Colliers as attractive investment opportunities since both companies are leaders in their respective markets, feature a diversified client base and offer robust free cash flow potential. But the two stocks differ slightly in terms of risk-reward tradeoff. We see Colliers as the growth vehicle due the wider net of opportunities it can cast globally, while the largely recurring revenue streams that FirstService generates makes it the lower-risk of the two.

FirstService—Serving Up Shareholder Value. The company ranks as one of North America’s leading providers of residential property management and services, yet occupies only a fragment of the multi-billion dollar industry. This leaves the firm and its two divisions, FirstService Residential and FirstService Brands, plenty of room to gain market share and further consolidate the industry. We expect the company to leverage its scale and greater access to capital to not only win business away from competitors, but also capture a larger share of its clients’ wallets with more value-added services. We also know FirstService will continue to acquire well-run ‘mom and pop’ residential property managers at reasonable multiples and selectively add California Closets and Paul Davis Restoration operations to its growing list of company-owned locations.

Colliers International—A Solid Commercial Platform for Global Growth. With a relatively small share of the large market for global commercial property services, a well-recognized brand and one of the industry’s top executive groups, we see Colliers superbly positioned for growth. Colliers is also one of very few firms with the breadth and depth of service offering to handle large and complex outsourcing opportunities. This wasn’t always the case, but a much improved position in key world centers such as New York and London is now helping Colliers secure multi-year assignments from Fortune 500 companies. Lastly, the business benefits from an enterprising culture of service excellence. While Colliers’ partnership philosophy may be unique in its industry, we believe it’s a tried and tested formula few should bet against.

Company Ticker(s) Current Target Price Dividend Total Return Suitability Rating Primary Secondary Price (6-12 months) Yield To Target

Real Estate Services Colliers International Group Inc. CIGI-NASDAQ CIG-TSX US$41.38 US$50.00 0% 21% AG OP2 FirstService Corporation FSV-NASDAQ FSV-TSX C$53.45 US$33.00 1% -37% G OP2 Note: TR - Total Return, G - Growth, AG - Aggressive Growth, HR - High Risk, VR - Venture Risk; SB1 - Strong Buy, OP2 - Outperform, MP3 - Market Perform, UP4 - Underperform, UR - Under Review, R - Restricted.

Raymond James Ltd.

Frederic Bastien CFA

604.659.8232 [email protected]

Samir Ghafir (Associate)

604.659.8470 [email protected]

Canada Research | of 31 Real Estate

Raymond James Ltd. | 2100 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2

Table of Contents

Overview ............................................................................................................................................ 3

FirstService Corporation .................................................................................................................... 6

Colliers International Group Inc. ..................................................................................................... 19

Real Estate Canada Research | of 31


Overview

Investors who follow our research know we have been long-term fans of FirstService. In the ten-plus years covering the stock we witnessed the firm expand operations organically and through acquisitions of all sizes, broaden its geographic reach and undertake significant branding (and rebranding) efforts. These actions have facilitated a compound annual EBITDA growth of 18% over the past decade and similarly attractive share price appreciation. Along the way FirstService methodically divested of its integrated security and business outsourcing divisions, showing that founder and key shareholder Jay Hennick is not married to any business, but instead all about maximizing returns on invested capital. The next steps in value creation were taken earlier this year, when FirstService announced its plans to split into two public entities.

Arrangement creates simpler and more easily investable stocks. Although both companies are strong cash flow generators and leaders in highly fragmented markets, they each have distinct customers, operating characteristics and investment attributes. They also differ slightly in terms of their risk-reward tradeoff. Colliers is high-growth and cyclical, for example, while new FirstService is more predictable with a sticky customer base (and thus capable of supporting a healthy dividend yield). To the extent each public entity can now target separate capital structures, pursue independent value creation strategies and more readily attract new investors, we see a ton of merit in separating them.

Expect more of the same on the leadership front. Few introductions are necessary since the key management and Board members of the two public cos all hail from the preceding entity. Founder Jay Hennick stepped into the CEO position at Colliers last month following the resignation of Douglas Frye, who had led the commercial real estate services firm since 2001. Supporting Mr. Hennick on the operational and financial fronts are Dylan Taylor and long-term company veteran John Friedrichsen. Scott Patterson, COO at the old FirstService, now acts as CEO of the new public entity, while former M&A head Jeremy Rakusin serves as it CFO.

Partnership philosophy key to the success of both public companies. Management prefers teaming up with like-minded entrepreneurs who retain skin in the game, and will almost always favour a decentralized organizational structure that bestows autonomy over front-line operating decisions. We believe this approach will allow all FirstService and Colliers stakeholders to drive towards the common objectives of delivering best-in-class service and, ultimately, build long-term value. We aren’t aware of many stories as successful as the old FirstService in cultivating (and most importantly preserving) an entrepreneurial DNA as they grow. Splitting the company in two might just ensure this competitive advantage is retained ad vitam æternam.



FirstService Corporation July 20, 2015

FSV-NASDAQ | FSV-TSX Company Report - Initiation of Coverage Frederic Bastien CFA | 604.659.8232 | [email protected]

Samir Ghafir (Associate) | 604.659.8470 | [email protected]

Real Estate | Real Estate Services

Serving Up Shareholder Value

Recommendation We are initiating research coverage of FirstService, which split from commercial real estate broker Colliers International last month, with an Outperform rating and a target price of $33.00.

Analysis

Ideally positioned for growth. FirstService ranks as one of North America’s leading providers of residential property management and services, yet occupies only a fragment of the multi-billion dollar industry. This leaves the firm and its two divisions, FirstService Residential and FirstService Brands, plenty of room to gain market share and further consolidate the industry. On a ‘same store’ basis, we expect the company to leverage its scale and greater access to capital to win business away from competitors, and expand its offering of value-added services to capture a larger share of its clients’ wallets. On the M&A front, we know FirstService will continue to acquire well-run ‘mom and pop’ residential property managers at reasonable multiples and selectively add California Closets and Paul Davis Restoration operations to its growing list of company-owned locations.

Banking on a big lift in profitability at FirstService Residential. We believe the division’s EBITDA margins can rebound from the 5% realized in 2014 to 8% in 2018. Underpinning our expectation are a rejigged employee health benefit plan, payback on recent branding and IT infrastructure investments, system-wide efficiencies and the added benefit of operating leverage. A much healthier outlook for consumer discretionary spending in the US could push margins even higher, but this scenario need not happen for FirstService Residential to deliver robust earnings growth over our forecast horizon.

The dividend has only one way to go: up! With high recurring revenues, minor working capital requirements and no significant cash outlays other than for tuck-in transactions anticipated, we believe FirstService can exit 2016 with a net debt-to-EBITDA ratio of 1.2 times that is well below its long-term target of 2.0 times to 2.5 times. This would give management the financial flexibility to accelerate its M&A growth strategy and at the same time return more capital to shareholders in the form of a higher dividend.

Valuation We derive our target by applying EV/EBITDA multiples of 10.5 times and 14.0 times to our 2016 estimates for FirstService Residential and FirstService Brands, respectively. These valuation metrics are higher than those we used pre-split, to reflect our view the market will assess these businesses more appropriately relative to their peers.

Adjusted 1Q 2Q 3Q 4Q Full Revenue Adjusted EPS Mar Jun Sep Dec Year (mln) EBITDA (mln)

2014A NA NA NA NA NA US$1,132 US$75

2015E 0.02A 0.45 0.54 0.18 1.20 1,261 101

2016E 0.07 0.54 0.64 0.19 1.45 1,407 119

Source: Raymond James Ltd., Thomson One

Outperform 2 US$33.00 target price

Current Price ( Jul-16-15 ) US$29.92 Total Return to Target 12% 52-Week Range C$53.64 - C$31.61 Suitability Growth

Market Data Market Capitalization (mln) US$1,085 Current Net Debt (mln) US$199 Enterprise Value (mln) US$1,359 Shares Outstanding (mln, f.d.) 36.3 10 Day Avg Daily Volume (000s) 71 Dividend/Yield US$0.40/1.3%

Key Financial Metrics 2014A 2015E 2016E

P/E NA 25.0x 20.7x

EV/EBITDA 18.1x 13.5x 11.5x

EBITDA Margin 6.6% 8.0% 8.4%

FirstService Residential EBITDA (mln) US$46 US$66 US$78

FirstService Brands EBITDA (mln) US$38 US$44 US$51 Net Debt/Equity 1.6x Net Debt/EBITDA 2.6x BVPS US$3.39 Non-Controlling Interest (mrq, mln) 75

Company Description FirstService Corporation is a North American leader in property management and property services delivered through its branded franchise system.



Table of Contents

Investment Overview......................................................................................................................... 6

Financial Analysis & Outlook............................................................................................................ 10

Valuation & Recommendation ........................................................................................................ 12

Appendix A: Financial Statements ................................................................................................... 13

Appendix B: Management & Board of Directors ............................................................................. 16

Appendix C: Risks ............................................................................................................................. 18



Investment Overview

Although it is technically a new public entity, FirstService needs little introduction. Its two operating platforms, FirstService Residential and FirstService Brands, formed the backbone of the predecessor company before the acquisition of Colliers Macaulay Nicolls in 2004, and both have continued growing ‘one step at a time’ since. Through a balanced mix of organic initiatives and acquisitions, the divisions have notably expanded their combined revenue at an annualized rate of 20% over the past 20 years. Not bad for a company that traces its roots to a small commercial swimming pool and recreational facility management business.

Exhibit 1: FirstService Boasts a Long and Consistent Track Record of Growth

Source: FirstService Corp.

As this report will demonstrate, FirstService’s success rests on more than just its ability to manage and grow leading property services platforms. Scale, brand recognition and a relentless focus on client service excellence also allow the firm to distance itself from the rest of the field. For proof consider that FirstService Residential’s closest competitor (Associa) is only about half its size while each of FirstService Brands’ businesses ranks either first or second in service volume in the markets in which they operate.

For 2014 FirstService generated revenue and EBITDA of $1.13 billion and $75 million, respectively, and exited the year with a pro-forma net debt-to-EBITDA ratio of 2.3 times. This level of financial leverage is within the company’s long-term target of 2.0 times to 2.5 times and reflective of the recurring revenue profile and strong cash flow potential of its two operating segments. FirstService Residential accounts for the bulk of the firm’s top-line, but the higher margins earned on franchise system royalties allow FirstService Brands to contribute almost just as much to its bottom-line. We should add that while business remains concentrated in the United States, recent deals have bolstered FirstService’s profile in Canada.



Exhibit 2: FirstService’s Earnings are Well Balanced Between Business Lines

Revenue by Division EBITDA by Division Revenue by Geography

FirstService Residential

81%

FirstService Brands

19%


56%

FirstService Brands

44%

United States92%

Cananda8%

Source: FirstService Corp., Raymond James Ltd.

On Jun-02-15, 36.0 million shares of the new FirstService began trading under the symbol FSV on both the Toronto Stock Exchange and NASDAQ. Based on a stock price of $29.92 and an annual dividend of $0.40 per share, the firm’s market capitalization and dividend yield are approximately $1,085 million and 1.3%, respectively. It should be noted the dual-class structure was maintained post spinoff, giving Chairman and Founder Jay Hennick an economic interest of 10% in the company and control over 47% of the votes. We have no concern over this status quo given our belief that closely-held public entities, by staving off pressures to react quarter-to-quarter, can more effectively build up their business. As is clearly the case with FirstService, if it ain’t broke, don’t fix it.


If there is only one highlight we want investors to take away from this section, it is that FirstService Residential commands a leadership position in an enormous and highly-fragmented industry. The operating platform notably ranks as North America’s largest residential property manager, with a portfolio exceeding 1.6 million units, $7 billion in operating budgets under administration and 14,000 staff spanning 100 locations. Yet FirstService Residential oversees only about 5% of all households governed by community associations in the US. The other 95% is mainly spread across thousands of local and regional management companies, leaving plenty of opportunity for FirstService to gain market share and further consolidate the industry.

Exhibit 3: FirstService Residential is the Undisputable Leader in Residential Property Management




FirstService Residential has long leveraged its scale and financial resources to offer differentiated services to its customers. It complements its core property management activities with comprehensive on-site services (ranging from building engineering and maintenance to security and landscaping), proprietary insurance products and energy management solutions. We believe this extensive offering and FSR’s focus on service excellence together act as a powerful virtuous cycle—not only driving referral business, but also resulting in a captive customer base. How else could the business target and consistently realize annual retention rates upwards of 95%?

Exhibit 4: FirstService Residential Benefits from a Diversified and Recurring Revenue Base

By Property Type By Service By Region

FSR South36%

FSR East31%

FSR West21%

FSR North12%

Ancillary On-Site Services

50%

Property Management

Fees24%

Pool Management

11%

Transaction Services

10%

Landscaping5%

High-Rise Condo

35%

Master Planned Single

Family HOA34%

Mid-Low Rise Condo

23%

Life-style4%

Other4%


Property management contract wins have fueled high single-digit internal growth for FirstService Residential in recent years. However, a number of factors have kept these gains from flowing to the bottom-line. First, a drop in profitability in homeowner fee collection operations resulted from lower delinquency volumes and adverse regulatory decisions in several US States. Some of the regulatory changes were so dramatic that they forced FirstService Residential to downsize the homeowner fee collection business in places like Texas. Money was also expended in mid-2013 on the consolidation of 18 regional brands into one national brand (plus all related IT enhancements). Finally, a step change in employee medical benefits costs lowered EBITDA to the tune of $9 million in 2014. The division redesigned its health plans and adjusted cost sharing with clients and employees beginning in 1Q15, with the expectation that costs will return to a historical burden rate for the year. With these items behind, system-wide efficiencies and the added benefit of operating leverage, we believe FirstService Residential’s EBITDA margins can rebound from the 5% realized in 2014 to 8% in 2018. A housing market approaching the enthusiasm last displayed in 2007 could push margins higher, but this is a scenario we are not counting on.

FirstService Brands

The company also offers insurance restoration, home storage solutions, painting and window cleaning, flooring, property inspection and home warranty contracts across North America. These services are provided through household name brands such as Paul Davis Restoration, California Closets, CertaPro Painters and Pillar to Post—all leaders in their respective markets. FirstService Brands spans a network of over 1,900 franchises and 12 company-owned locations, serving more than 500,000 customers annually across all 50 US states and 10 Canadian provinces. In 2014 system-wide revenues nearly hit $1.5 billion, driving recurring franchise system royalties in excess of $90 million for the division.



Exhibit 5: FirstService Brands Earns Healthy Margins from its Predominately Franchise Royalty Structure


Years of experience in franchising has enabled FirstService Brands to master a model that connects local entrepreneurs with leading service concepts and sophisticated support services. But its biggest advantages, in our view, will always remain the rewarding economics and flexibility of ownership that its branded franchise networks offer. In the quarters ahead we see the division drawing on its highest-performing franchisees to open new locations and better round out its presence in existing markets or tap new geographies. If there is one thing we’ve learned covering FirstService’s industry leading franchise brands for over a decade, it is that they still make up only a small portion of the $500 billion market for residential and light commercial property services.

Exhibit 6: FirstService Brands Operates in Huge, But Highly-Fragmented Markets




There should be opportunities for FirstService Brands to leverage its scale to also source materials for franchisees to use and sell, thereby increasing their value proposition and creating additional revenue streams. M&A wise, our discussions with management suggest FirstService Brands can double its company-owned locations of California Closets and Paul Davis Restoration (to over 20) in five years, without greatly impacting overall profitability. We are taking a slightly more conservative stance and forecasting a modest decline in operating margins through 2016, but growth rates in the high teens should be within reach based on the above considerations.

Exhibit 7: Over $90 million in Recurring System Franchise Royalties were Generated Last Year

2014 System-Wide Sales By Brand ($1.5 bln Total) 2014 Revenue Breakdown ($212 mln Total)

Paul Davis49%

Certa Pro21%

California Closets

17%

Pillar to Post4%

Service America

3%

Floor Coverings

3%

College Pro3%

Corporate-Owned

55%

Franchise45%


Financial Analysis & Outlook

As the exhibit below demonstrates, the organization can pull many levers to drive organic growth. Both operating segments benefit from scale advantages and greater access to capital, which in turn allows them to vie for new business more effectively than their competitors. Once business is secured, a commitment to service excellence not only benefits high retention rates, but also drives referral business. At the same time FirstService gives much attention to expanding the value-added services it can offer as part of a comprehensive solution to clients, and improving operational efficiency. And as the firm has shown in the past, there are just as many opportunities to supplement internally generated growth with the acquisition of well-managed ‘mom and pop’ residential property management businesses or new franchise system service lines at a fair price.

Exhibit 8: FirstService Can Tap Various Sources for Organic Growth




Based on our analysis, we forecast revenue of $1.26 billion and $1.41 billion for this year and next, compared to $1.13 billion for last year. Embedded in these numbers are our expectations for organic growth rates of 8% at FirstService Residential and 10% at FirstService Brands, plus about $40 million annually from acquisition growth (roughly split between the two divisions). Our EBITDA estimate of $101 million for 2015 implies 34% growth over 2014’s official results, but a more reasonable 20% increase after adjusting for the large employee medical benefits costs incurred last year. Likewise our EBITDA target of $119 million for 2016 suggests similar year-over-year growth. After subtracting $39 million and $42 million in depreciation, amortization, interest and acquisition-related expenses from our 2015 and 2016 EBITDA forecasts, respectively, then applying an income tax rate of 34% and allocating 15% to non-controlling interests for both years, we arrive at adjusted EPS estimates of $1.20 and $1.45 for this year and next.

With minor working capital changes and no significant cash outlays other than for tuck-in acquisitions, capex and dividends anticipated, we believe FirstService can exit 2016 with a net debt position of $141 million and net debt-to-EBITDA ratio of 1.2 times that is comfortably below its long-term target of 2.0 times to 2.5 times. This would give management the financial flexibility to accelerate its M&A growth strategy and at the same time return more capital to shareholders in the form of a higher dividend. While this scenario isn’t baked into our forecasts, we’re fully counting on it.

Exhibit 9: We Forecast Healthy Top and Bottom-Line Growth Over our Forecast Horizon

Year Ending Dec 31; US$000s

Chg Chg2014 2015E 2016E 15/14 16/15

RevenueFirstService Residential 919,545 1,012,717 1,113,734 10% 10%FirstService Brands 212,457 248,213 293,034 17% 18%Consolidated 1,132,002 1,260,930 1,406,768 11% 12%

EBITDAFirstService Residential 45,611 65,827 77,961 44% 18%FirstService Brands 37,759 43,934 51,281 16% 17%Corporate (8,373) (9,200) (10,700) 10% 16%Adjusted EBITDA 74,997 100,560 118,542 34% 18%

EBITDA margin (%)FirstService Residential 5.0% 6.5% 7.0% 154 bps 50 bpsFirstService Brands 17.8% 17.7% 17.5% - 7 bps - 20 bpsAdjusted EBITDA margin 6.6% 8.0% 8.4% 135 bps 45 bps

Adjusted EPS 0.86 1.20 1.45 39% 21%

New Estimates

The large gain for 2015 is reflective of the non-recurring employee medical benefit costs incurred in 2014 as well as operational efficiency.

We assume 10% organic growth through 2016 and the addition of two California Closets to the company-owned portfolio.

Operating leverage at FirstService Brands should mitigate the impact of a revenue mix slowly shifting away from high-margin franchise royalties.




Valuation & Recommendation

We are using our standard sum-of-parts analysis to derive our $32.00 target price on FirstService. It should be noted that our valuation parameters are slightly higher than the EV/EBITDA multiples of 9.5 times and 12.5 times we previously applied to our 2016 estimates for FirstService Residential and FirstService Brands, respectively, to reflect our view the market will value these businesses more appropriately relative to their peers, after the split from Colliers International. Considering the stock is trading at a multiple of 13.5 times our current year forecasts, the Street may already have caught on.

Exhibit 10: Our Target Price Offers a Potential Return of 12% from Current Trading Levels—Enough to Support an Outperform Rating

Year End December 31; $000s 2016E Enterprise Value

EBITDA Multiple Value per share

FirstService Residential 77,961 10.5x 818,594 $22.51

FirstService Brands 51,281 14.0x 717,934 $19.74

Corporate (10,700) 11.0x (117,700) ($3.24)

Total 118,542 12.0x 1,418,828 $39.01

Total net debt (2016E) (136,672) ($3.76)

Redeemable non-controlling interest (89,742) ($2.47)

Target equity value 1,192,415 $32.79

Target price (rounded) $33.00

EV/EBITDA Our target multiple implies a premium to the prevailing peer group average of 9.3x, in view of FirstService Residential's dominant US positon and above-average growth prospects.

Our valuation for FirstService Brands is consistent with the current multiples for other comparable companies.


Exhibit 11: Comparable Company Analysis Shows FirstService Trading at a Premium to its Peers on an EV/EBITDA Basis

2014 2015E 2016E 2014 2015E 2016E

PROPERTY MANAGEMENTABM INDUSTRIES INCORPORATED ABM.US USD $32.73 56.4 1,846 277 2,123 20.2 18.2 16.9 9.7 9.3 8.4 13.0 1.8 RENTOKIL INITIAL PLC RTO.GB GBP £1.52 1,816.9 2,767 759 3,526 20.2 18.7 17.1 9.1 8.3 8.1 21.5 27.6 SODEXO S.A. SW.EUR EUR € 88.66 152.3 13,504 1566 15,110 26.0 22.1 19.6 12.2 10.8 10.0 10.4 3.8 SP PLUS CORPORATION SP.US EUR € 26.48 22.1 586 248 835 34.1 26.0 21.5 10.4 9.5 8.6 29.8 2.5

25.1 21.3 18.8 10.4 9.5 8.8

PROPERTY SERVICESCHEMED CORP. CHE.US USD $136.37 17.1 2,329 133 2,462 22.8 20.6 19.2 11.9 11.1 10.6 5.4 4.9 CINTAS CORPORATION CTAS.US USD $86.78 114.4 9,927 867 10,794 31.2 26.0 23.2 13.5 12.4 11.6 8.0 5.0 K-BRO LINEN INC. KBL.CA CAD $54.95 7.9 435 (12) 423 33.3 32.2 26.7 15.8 14.5 12.6 (2.8) 3.9 ROLLINS INC. ROL.US USD $28.59 218.7 6,251 (93) 6,158 45.1 39.7 35.6 23.5 21.3 19.3 (1.5) 13.4 SERVICEMASTER GLOBAL HOLDINGS, INC. SERV.US USD $37.32 135.0 5,040 2607 7,647 26.7 22.1 19.9 13.8 12.4 11.6 34.1 12.6 SPECTRUM BRANDS HOLDINGS, INC. SPB.US USD $103.41 58.7 6,070 3288 9,402 23.4 24.5 20.5 12.9 11.7 9.9 35.1 5.4

30.4 27.5 24.2 15.2 13.9 12.6

GROUP AVERAGE 27.8 24.4 21.5 12.8 11.7 10.7

FIRSTSERVICE CORPORATION FSV.US USD $29.92 36.3 1,085 199 1,359 n.m. 25.0 20.7 18.1 13.5 11.5 14.6 8.8

Notes:

1) Estimates for FirstService are from Raymond James Ltd.; all other estimates are consensus from Capital IQ.

Price /

Book Company Name Ticker Fx

Market

Price ($)

Shares

O/S (mln)

Market

Cap

($mln)

Net Debt

($mln)

Ent.

Value

($mln)

Net

Debt/ Cap

(%)

P/E EV/EBITDA

Source: Capital IQ, Raymond James Ltd.



Appendix A: Financial Statements

FirstService Income Statement

Year End December 31; $000s % Chg % Chg % Chg % Chg

2012 2013 2014 2015E 2016E 13/12 14/13 15/14 16/15

Revenues 939,821 1,038,087 1,132,002 1,260,930 1,406,768 10 9 11 12

Cost of revenues 658,568 731,204 800,046 888,955 984,738 11 9 11 11

Sell ing, general and administrative expenses 202,318 227,969 256,959 271,414 303,488 13 13 6 12

Adjusted EBITDA 78,935 78,914 74,997 100,560 118,542 (0) (5) 34 18

Stock-based compensation (SBC) 1,440 1,860 1,719 1,800 1,800 29 (8) 5 -

Depreciation 13,691 15,710 17,730 19,000 20,500 15 13 7 8

Amortization of intangible assets 10,160 23,606 8,744 11,000 12,000 132 (63) 26 9

Acquisition-related items 166 655 1,183 1,500 1,500 295 81 27 -

Operating earnings 53,478 37,083 45,621 67,260 82,742 (31) 23 47 23

Interest expense 10,236 12,826 6,932 7,500 8,000 25 (46) 8 7

Other expense (income), net (245) 20 255 - - n.m. n.m. n.m. n.m.

Earnings before income taxes 43,487 24,237 38,434 59,760 74,742 (44) 59 55 25

Income tax expense 12,722 5,785 12,242 20,318 25,412 (55) 112 66 25

Net earnings 30,765 18,452 26,192 39,442 49,330 (40) 42 51 25

Net earnings attributable to non-controlling interests (NCI) 4,746 1,253 3,105 5,916 7,399 (74) 148 91 25

Redemption increment attributable to NCI 3,616 14,004 10,117 10,000 10,000 287 (28) (1) -

Net earnings attributable to FirstService 22,403 3,195 12,970 23,526 31,930 (86) 306 81 36

Net earnings per common share

Basic 0.75 0.10 0.36 0.66 0.89 (87) 272 82 36

Diluted 0.74 0.10 0.36 0.65 0.88 (87) 272 82 36

EPS Reconciliation

Diluted EPS 0.74 0.10 0.36 0.65 0.88

Non-controlling interest redemption increment 0.12 0.42 0.28 0.28 0.28

Acquisition-related items 0.01 0.02 0.03 0.04 0.04

Amortization of intangible assets, net of tax 0.24 0.54 0.16 0.20 0.22

Stock-based compensation, net of tax 0.03 0.04 0.03 0.03 0.03

Adjusted EPS (diluted) 1.13 1.12 0.86 1.20 1.45 (1) (23) 39 21

Weighted average common shares outstanding (000s)

Basic 30,026 32,928 35,917 35,871 35,871 10 9 (0) -

Diluted 30,376 33,262 36,309 36,263 36,263 10 9 (0) -

Ratios (%):

Gross margin 29.9 29.6 29.3 29.5 30.0

SG&A/revenues 21.5 22.0 22.7 21.5 21.6

Depreciation/revenues 1.5 1.5 1.6 1.5 1.5

Amortization of intangible assets/revenues 1.1 2.3 0.8 0.9 0.9

Interest expense/revenues 1.1 1.2 0.6 0.6 0.6

Income tax rate 29.3 23.9 31.9 34.0 34.0

Earnings attributable to NCI/net earnings 15.4 6.8 11.9 15.0 15.0

Net profit margin 2.4 0.3 1.1 1.9 2.3

EBITDA Reconciliation

Operating income 53,478 37,083 45,621 67,260 82,742

Depreciation and amortization 23,851 39,316 26,474 30,000 32,500

Acquisition costs and one-time items 166 655 1,183 1,500 1,500

Stock-based compensation expense 1,440 1,860 1,719 1,800 1,800

Adjusted EBITDA 78,935 78,914 74,997 100,560 118,542 (0) (5) 34 18

Adjusted EBITDA margin (%) 8.4 7.6 6.6 8.0 8.4

Note: Results from 2012 to 2014 were carved-out from the old FirstService’s financial statements using best estimates and judgments, where appropriate.




FirstService Balance Sheet

Year End December 31; $000s 2013 2014 2015E 2016E

Assets

Current Assets

Cash and cash equivalents 86,366 66,790 73,689 75,174

Restricted cash 2,881 3,657 3,657 3,657

Accounts receivable, net of allowance 117,819 115,143 126,679 131,550

Income taxes recoverable 11,750 16,262 16,262 16,262

Inventories 9,503 9,489 10,266 10,466

Prepaid expenses and other current assets 16,373 20,715 20,715 20,715

Deferred income tax 11,594 18,667 21,167 23,667

256,286 250,723 272,435 281,490

Other assets and receivables 6,103 4,736 4,000 3,500

Fixed assets 50,092 55,203 61,885 67,261


Intangible assets 76,577 82,877 82,112 83,244

Goodwill 211,494 217,433 220,162 223,664

354,011 364,821 372,160 381,669

610,297 615,544 644,595 663,159

Liabilities and shareholders' equity

Current l iabilities

Accounts payable 24,775 24,687 33,231 43,067

Accrued liabilities 56,086 55,563 64,225 72,231

Income tax payable 7,307 5,650 5,650 5,650

Unearned revenues 15,338 16,079 16,079 16,079

Long-term debt (current) 26,716 17,725 25,000 25,000

Contingent acquisition consideration (current) 122 4,586 1,509 -


131,781 126,094 147,498 163,831

Long-term debt (non-current) 198,709 221,632 214,357 194,357

Contingent acquisition consideration 1,314 1,509 - -

Other l iabilities 13,197 12,398 12,398 12,398


228,449 249,775 240,991 220,991

Redeemable non-controlling interests 81,407 80,926 84,842 89,742

Shareholders' equity

Contributed surplus 167,433 157,498 157,498 157,498

Retained earnings - - 12,764 30,346

Accumulated other comprehensive earnings 1,227 1,251 1,001 751

Total shareholders' equity 168,660 158,749 171,263 188,595

610,297 615,544 644,595 663,159

Net debt calculation

Long-term debt 225,425 239,357 239,357 219,357

Cash and cash equivalents (incl. restricted cash) 89,247 70,447 77,346 78,831

Net debt position 136,178 168,910 162,011 140,526





FirstService Cash Flow Statement

Year End March 31; $000s 2012 2013 2014 2015E 2016E

Cash provided by (used in)

Operating activities

Net earnings 30,765 18,452 26,192 39,442 49,330

Items not affecting cash:

Depreciation 13,691 15,710 17,730 19,000 20,500

Amortization 10,160 23,606 8,744 11,000 12,000

Deferred income tax (3,469) (7,838) (2,479) (1,928) (2,500)

Other 1,437 2,256 2,056 736 500

52,584 52,186 52,243 68,250 79,830

Changes in non-cash working capital 824 (17,761) (7,066) 4,894 12,771

Net cash provided by operating activities 53,408 34,425 45,177 73,144 92,601

Investing activities

Acquisitions of businesses, net of cash acquired (5,164) (6,423) (16,686) (13,647) (17,509)

Purchases of fixed assets (15,076) (16,744) (22,439) (25,000) (25,000)

Other investing activities 70 (1,392) (776) - -

Net cash used in investing activities (20,170) (24,559) (39,901) (38,647) (42,509)

Financing activities

Increases in long-term debt, net 40,667 9,055 13,492 - (20,000)

Distributions to FirstService and common share dividend (53,187) (8,495) (21,272) (10,761) (14,348)

Distributions to redeemable non-controlling interests (2,949) (3,037) (4,008) (4,500) (5,000)

Purchases of redeemable non-controlling interests (4,807) (4,978) (11,206) (8,000) (8,000)

Other financing activities (4,636) 15 (1,632) (4,086) (1,009)

Net cash provided by (used in) financing activities (24,912) (7,440) (24,626) (27,347) (48,357)

Effect of exchange rate changes on cash 171 (530) (226) (250) (250)

Increase (decrease) in cash and cash equivalents during the year 8,497 1,896 (19,576) 6,899 1,485

Cash and cash equivalents, beginning of year 75,973 84,470 86,366 66,790 73,689

Cash and cash equivalents, end of year 84,470 86,366 66,790 73,689 75,174

Cash Flow Analysis:

Cash from operating activities (cf) 53,408 34,425 45,177 73,144 92,601

Capital expenditures (15,076) (16,744) (22,439) (25,000) (25,000)

Dividends paid (56,136) (11,532) (25,280) (15,261) (19,348)

Free cash flow (cf-capex-div) (17,804) 6,149 (2,542) 32,882 48,253

Acquisitions (5,982) (6,351) (16,686) (13,647) (17,509)

Free cash flow including acquisitions (23,786) (202) (19,228) 19,235 30,744

Cash from operating activities per share 1.76 1.03 1.24 2.02 2.55

Free cash flow per share (0.59) 0.18 (0.07) 0.91 1.33





Appendix B: Management & Board of Directors

Management

Scott Patterson, CEO

Mr. Patterson joined FirstService as Vice President Corporate Development in 1994, a year after the company’s initial public offering. He was promoted to CFO in 1995, then transitioned to the COO position in 2003. Mr. Patterson started his career at PricewaterhouseCoopers, where he earned his Chartered Accountant designation, before moving to Bankers Trust’s as an investment banker.

Jeremy Rakusin, CFO

As FirstService’s Vice President of Strategy & Corporate Development, Mr. Rakusin is primarily responsible for sourcing and executing the firm’s global acquisition strategy. Before joining FirstService in 2012 he spent over thirteen years in investment banking, including a three-year period as Head of Mergers & Acquisitions at Raymond James Ltd. In addition to obtaining his CFA designation in 2008, Mr. Rakusin earned joint MBA (Gold Medal) and Law degrees from the University of Toronto.

Chuck Fallon, FirstService Residential CEO

Mr. Fallon took the helm at FirstService Residential in 2013 after serving as president of Terminix International for two years and President, North America at Burger King Holdings for another five. He is recognized for his leadership on client service excellence and his strong track record in driving growth for globally recognized Fortune 500 companies. He began his career as an investment banker in New York after having graduated from Columbia Business School with an MBA. Mr. Fallon’s main responsibilities at FSR include identifying acquisitions, recruiting key employees, conceptualizing business initiatives and directing the company's overall expansion.

Charlie Chase, FirstService Brands CEO

Mr. Chase has been with FirstService Brands for over 30 years, starting as a Franchise owner at College Pro Painters in 1982. In 1992, he founded and led CertaPro Painters as its CEO. More recently Mr. Chase served as President of the Consumer Franchises of The Franchise Company. He holds a B.A. Honors in Economics from Queen’s University in Ontario.

Douglas Cooke, Treasurer and Corporate Secretary

Mr. Cooke started with FirstService as Controller in 1995 and was subsequently promoted to Corporate Controller and Treasurer. In his current role Mr. Cooke assumes all external and internal corporate reporting and cash management functions. He holds both the Chartered Professional Accountant (CPA) and Chartered Financial Analyst (CFA) designations.

Alex Nguyen, Strategy and Corporate Development

Mr. Nguyen is responsible for driving acquisition growth across all global business platforms, a role he began assuming with FirstService in 2008. Prior to joining the firm he sourced and executed private equity investments on behalf of Ontario Teachers' Pension Plan. Mr. Nguyen is a CFA Charterholder and earned a Bachelor of Business Administration degree from the Schulich School of Business at York University.



Board of Directors

Jay Hennick (Chairman)

As FirstService’s founder, recent CEO and second largest shareholder, Mr. Hennick’s footprint on the company is undeniable. He was awarded Canada's highly sought-after Entrepreneur of the Year in 1998 and Canadian Business Magazine selected him as Canada's CEO of the Year in 2001. Mr. Hennick holds a Doctorate of Laws from the University of Ottawa and currently serves as Chairman of the Board of Directors of the Sinai Health System, in Toronto.

Bernard Ghert (Lead Director)

Mr. Ghert has acted as director of many organizations in the private and public sectors, including Cadillac Fairview, Stelworth, CT Financial and Canada Trust. He was the former President and CEO of Cadillac Fairview from1981 to 1987 and President of Stelworth Investments between 1987 and 1992. Mr. Ghert is currently Chairman of the Independent Review Committee of Middlefield Fund Management Limited, President of the B.I. Ghert Family Foundation, President of Coppi Holdings Ltd., a Director on Sinai Health System's Board and past Chair of the Mount Sinai Hospital Board of Directors.

Brendan Calder

Mr. Calder has been an Adjunct Professor and an Entrepreneur in Residence at the Rotman School of Management in Toronto since 2001. He is Chair of Rotman's Desautels Centre for Integrative Thinking and was the founding Chair of the Rotman International Centre for Pension Management. Prior to that, Mr. Calder served as Chair, President and CEO with CIBC Mortgages Inc. from 1995 to 2000. Mr. Calder holds a Bachelor of Mathematics degree from the University of Waterloo and attended the Advance Management Program at Harvard University.

Frederick Reichheld

Mr. Reichheld has been a devoted employee of Bain & Company, the world renowned consulting company, since 1977. He became a partner in 1982 and was elected as the first Bain Fellow in 1999. In addition to serving as a member of Bain & Company's Worldwide Management, Nominating, and Compensation Committees, he has authored several books and eight Harvard Business Review articles on the subject of loyalty. In 2003, Consulting Magazine named him one of the world's top 25 consultants.

Michael Stein

Mr. Stein is the founder, Chairman and CEO of the MPI Group—a property development and investment group known for incubating, investing in, and managing successful companies. He has additionally held senior positions with the Mortgage Insurance Company of Canada. He continues to serve as Chairman of CAP REIT, Canada's first TSX listed apartment REIT, which he founded. Mr. Stein is a graduate engineer and has an MBA in finance and international business from Columbia University.



Appendix C: Risks

Property values are directly correlated with demand for the company’s services, including painting, closet installation, general maintenance, collections and resale processing. The high variable costs associated with the franchising business model enable the company to quickly match costs to revenue.

Low barriers of entry have resulted in strong competitive markets for many of FirstService’s businesses. Any change to the competitive landscape can impact demand and ultimately result in pricing pressures. Additionally, the company’s high dependency on human capital leaves the business vulnerable to wage or benefit increases.

Since approximately 8% of revenues are generated in Canada, consolidated results are influenced by fluctuations in the relative strength of the US dollar versus the Canadian dollar. Percentage of revenues generated outside the US is expected to increase with acquisitions.

FirstService’s strategy is dependent on its ability acquire and expand its footprint and service offering. The availability of suitable targets, the negotiation of favourable terms, and the successful integration of the acquired into its platform are all potential risks to the strategy.

Changes to local government laws and regulations, operating costs, frequency of insurance incidents, or failures in the information technology systems may negatively impact FirstService’s operations. Global political conditions, including any outbreak of terrorism or hostilities can also impact the business.



Colliers International Group Inc. July 20, 2015

CIGI-NASDAQ | CIG-TSX Company Report - Initiation of Coverage Frederic Bastien CFA | 604.659.8232 | [email protected]

Samir Ghafir (Associate) | 604.659.8470 | [email protected]

Real Estate | Real Estate Services

A Solid Commercial Platform for Global Growth

Recommendation Following FirstService’s split into two independent publicly-traded companies last month, we are bringing our financial expectations up to date for the conversion to the Colliers International stub. Our target price on the common shares moves from $75.00 to $50.00 as a result, while our recommendation is maintained at Outperform.

Analysis Superbly positioned for growth as industry consolidator. In the past 10 years Colliers

has completed 47 acquisitions in 32 countries and grown EBITDA nearly eightfold. Notwithstanding this impressive performance, the Seattle-based firm still commands a share of only about 1% of the fragmented market for global commercial property services. We believe this leaves plenty of opportunity for Colliers, with its well-recognized brand, strong balance sheet and best-in-class management, to further integrate the resources of real estate professionals worldwide and create shareholder value.

Banking on macro trends of outsourcing in global commercial real estate sector. Colliers is one of very few firms with the breadth and depth of service offering to handle large and complex outsourcing opportunities. This wasn’t always the case, but a much improved position in key world centers such as New York and London is now helping Colliers secure multi-year assignments from Fortune 500 companies. This latter development benefits financial results in two ways—by boosting margins and raising the level of business generated from recurring and repeat sources.

Enterprising culture of service excellence key to success. Colliers offers clients the resources of a singular global platform and accountability via majority ownership in select markets. At the same time it provides its real estate professionals with the incentives to behave as owners in a way competitors struggle to replicate. While Colliers’ partnership philosophy may be unique in its industry, we believe it’s a tried and tested formula that few should bet against.

Valuation We value the common shares using a target EV/EVITDA multiple of 11.5 times our 2016 forecasts, which approximates the average forward multiple of 11.7 times for CBRE and JLL. We see no reason to apply a market cap discount to Colliers given its potential to deliver stronger growth than its peers over the next two to three years.

Adjusted 1Q 2Q 3Q 4Q Full Revenue Adjusted EPS Mar Jun Sep Dec Year (mln) EBITDA (mln)

2014A US$0.09 US$0.74 US$0.75 US$1.16 US$2.73 US$2,714 US$222

2015E 0.06A 0.43 0.41 1.13 2.05 1,814 162

2016E 0.10 0.48 0.47 1.30 2.35 1,991 186

Source: Raymond James Ltd., Thomson One

Outperform 2 US$50.00 target price ↓ old: US$75.00

Current Price ( Jul-16-15 ) US$41.38 Total Return to Target 21% 52-Week Range US$44.50 - US$28.74 Suitability Aggressive Growth

Market Data Market Capitalization (mln) US$1,579 Current Net Debt (mln) US$233 Enterprise Value (mln) US$1,928 Shares Outstanding (mln, f.d.) 38.2 10 Day Avg Daily Volume (000s) 53 Dividend/Yield US$0.00/0.0%

Key Financial Metrics 2014A 2015E 2016E

P/E 24.3x 20.1x 17.6x

EV/EBITDA 13.1x 11.9x 10.3x

EBITDA Margins NA 8.9% 9.4% Net Debt/Equity 1.0x Net Debt/EBITDA 1.6x BVPS US$6.18 Non-Controlling Interest (mrq, mln) 115

Company Description Colliers International is a global leader in commercial real estate services, providing a full range of services across the globe to real estate occupiers, owners and investors.



Table of Contents

Investment Perspective ................................................................................................................... 21

Financial Analysis and Outlook ........................................................................................................ 23

Valuation & Recommendation........................................................................................................ 25



Investment Perspective

When FirstService purchased Colliers Macaulay Nicolls (CMN) in 2004, the commercial real estate services provider had grown into the largest affiliate of Colliers International Property Consultants (CIPC), the global entity holding the ‘Colliers International’ brand and all related trademarks. With the firm’s backing CMN stepped up its growth, acquiring other CIPC members as well as independent commercial property brokers, and expanded into complementary services areas and geographic regions. By 2010 CMN and its parent had gained voting control of CIPC, unified all company-owned operations globally under the Colliers International name, and subjected to brand and performance guidelines all remaining non-owned affiliates. These member firms number 26 today and generate combined revenues in excess of $700 million annually, or approximately 30% of CIPC’s total.

Exhibit 1: Colliers Boasts Over a Century of International Experience in Commercial Real Estate

Source: Colliers International Group Inc.

Under FirstService’s decade-long ownership Colliers led all major commercial real estate (CRE) services platforms in growth, with a fivefold increase in revenues to $1.6 billion. Notwithstanding this impressive performance, the Seattle-based firm today commands a share of only about 1% of the fragmented market for global commercial property services. We believe this leaves plenty of opportunity for Colliers, with its enterprising culture of service excellence and strong balance sheet, to further integrate the resources of real estate professionals worldwide.

Exhibit 2: We Believe the Global CRE Market is in the Early Stages of Consolidation

$148 Billion Market $180 Billion Market

Global Commercial Real Estate Services Global Accountintg Services

Rest of Market85%

CBRE6%

JLL, 4%

DTZ, 2%

C&W, 2%

Colliers, 1%

Rest of Market29% Deloitte &

Touche19%

PwC19%

E&Y15%

KPMG14%

BDO4%

Source: Colliers International Group Inc., Raymond James Ltd.



As of December 31, 2014, Colliers employed over 10,000 individuals and operated more than 200 offices in 41 countries worldwide. Included on the list is Belgium, where the company further expanded last week with the strategic acquisition of IDB, a small asset and property management firm. Colliers’ services are comprehensive, as the exhibit below shows, but can generally be categorized as commission or fee based. It should be noted that while 62% of turnover stems from sales and lease transactions, the firm is enjoying success generating more repeat business from clients. For proof consider that Colliers’ global reach, breadth of service offerings and improved position in key world centers such as New York and London are now helping it secure large, multi-year outsourcing contracts from Fortune 500 companies. Based on this, we estimate that roughly two thirds of Colliers’ business today comes from recurring and repeat revenue sources. That’s a big change from 2004, when only about one third of revenues were deemed to be recurring.

Exhibit 3: Colliers Offers a Full Range of Services to Occupiers, Owners and Investors of Commercial Real Estate Assets

Characteristics & Features Characteristics & Features● Commission based services ● Fee-based services

● 3,100 brokers system wide ● 3,200 advisors

● 62% of 2014 revenue (down from 85% in 2004) ● 38% of 2014 revenue

● 2014 sale and lease transaction value of $79 bln ● 1.3 bln square feet under management

● ● Ranked second best real estate outsourcing platform

Services Services● Landlord representation ● Corporate solution

● Valuation & advisory services

● Tenant representation ● Property and asset management

● Project management

● Capital markets & investment services

● Workplace solutions

● Property marketing

● Research services

Revenue Segmentation by Asset Class Revenue Segmentation by Service

Sales & Leasing Brokerage Outsourcing & Advisory Services

- Property positioning and marketplace management

- Deep expertise across asset classes and subspecialties

- Maximize real estate investment returns for clients

- Provide debt and financing advice and placement support

Diversified client base across geographies and industries

- Work on behalf of owners to search and sign tenants

- Property positioning and marketplace management

- Support landlords’ ownership goals

- Assist occupiers to locate and secure locations

- Turnkey property marketing solutions

- Insights on real estate trends

- Services for large, geographically-diverse portfolios

- Wide range of valuation, realty tax and other advisory services

- Property oversight and facility management

- Project management services for a wide range of projects

- Full suite of consulting services for occupiers

Office55%

Industrial 18%

Retail and Multi-family

8%

Other19%

Valuation & Advisory, Property

Marketing and Research

39%

Property & Asset Mgmt

30%

Project Mgmt &

Workplace Solutions

31%




Financial Analysis & Outlook

We do not envision anything fundamentally different from Colliers now that it runs as a standalone public entity. Management notes that to further strengthen its position in existing markets the firm will keep targeting international clients, with the goal of increasing multi-market referrals, and continue prioritizing talent recruitment and retention. We also believe the company will capitalize on the Colliers International brand to add more real estate services and expand into regions where it currently lacks scale. Finally, investors should expect more of the same from Colliers on the acquisition front: a disciplined strategy that draws on local entrepreneurs and engages them to keep skin in the game (by becoming minority owners in the business). There may come the odd opportunity requiring Colliers to tap the equity market, but we fully anticipate the firm to self-finance many of its future deals. For what it’s worth, we do not build into our financial model any game-changing transaction for the company in the near to medium term.

Exhibit 4: Colliers Can Create a Virtuous Circle with Producers and Clients as it Expands Into More Services

Leverage

“Colliers

International”

Brand to Expand

Market Share

Increase Market Share in

Major Sender Markets

Leverage Industry Recognized

Culture to Attract, Develop and Retain

Top Talent

Execute on Robust Pipeline of

Actionable Add-On Acquisitions to

Increase Market Share and Extend

Service Lines

Organic Growth Acquisitions

Source: Colliers International Group Inc.

We forecast healthy sales and leasing activity in the US, UK and Asia Pacific regions to effect double-digit organic growth for Colliers in 2015, but see the skyrocketing US dollar mask the scale of activity at the domestic level. Still, we assume revenue can grow 15% to $1.81 billion for the year with help of M&A. For 2016 we model a more modest 10% increase in top-line to $1.99 billion, evenly split between organic and acquired growth. Currency swings will also invariably hit margins to the extent the EMEA and Asia Pacific regions are Colliers’ most profitable areas. To reflect this we project a 40 bps decline in EBITDA margin to 8.9% for 2015. With currency not expected to hamper results next year, the benefit of scale and operating leverage should manifest themselves more clearly. This, at least, is what is explicit in our 9.4% margin target for 2016.

Exhibit 5: We Forecast EBITDA Growth of 10% and 15% for 2015 and 2016, Respectively

Year Ending Dec 31; US$000s

2014 2015E 2016E 2015E 2016E

Revenue 1,582,271 1,813,977 1,990,676 54,047 122,416

Segment EBITDA 157,406 170,514 196,281 (1,959) 9,455 Corporate (pro-forma) (10,658) (9,000) (10,000) 1,800 1,300 Adjusted EBITDA 146,748 161,514 186,281 (159) 10,755

Adjusted EBITDA 9.3% 8.9% 9.4% (0) bps 18 bps

Change from

Previous EstimatesNew Estimates

We increased our organic revenue growth forecast to 7% from 4% for 2015, and expect new acquisitions to contribute an incremental $60 mln in 2016.

However, we lowered our margin expectations to reflect increased project management activity, which includes a significant component of low-margin pass-through revenues.




Exhibit 6: Colliers International Income Statement Summary

% Chg % Chg$ thousands Pro-Forma 2014 2015E 2016E 15/14 16/15

Revenues 1,582,271 1,813,977 1,990,676 15 10

Cost of revenues 947,129 1,088,386 1,184,452 15 9 Selling, general and administrative expenses 488,394 564,077 619,943 15 10 Adjusted EBITDA 146,748 161,514 186,281 10 15 Stock-based compensation (SBC) 11,364 4,000 4,000 (65) - Depreciation 20,387 21,000 22,500 3 7 Amortization of intangible assets 15,549 15,500 16,000 (0) 3 Acquisition-related items 10,642 10,000 10,000 (6) -

Operating earnings 88,806 111,014 133,781 25 21 Interest expense, net 7,305 9,800 9,000 34 (8) Other income, net (1,263) - - (100) n.m.

Earnings before income tax 82,764 101,214 124,781 22 23 Income tax 25,257 30,364 37,434 20 23 Net earnings from continuing operations 57,507 70,850 87,346 23 23 Net earnings (loss) from discontinued operation 1,537 - - n.m. n.m.

Net earnings 59,044 70,850 87,346 - - Non-controlling interest (NCI) share of earnings 25,095 17,712 21,837 (29) 23 NCI redemption increment 9,303 10,000 10,000 7 - Net earnings attributable to the company 24,646 43,137 55,510 75 29

Preferred dividends - - - n.m. n.m.

Net earnings available to common shareholders 24,646 43,137 55,510 75 29

Net earnings per common shareDiluted

Continuing operations 0.64 1.15 1.45 n.m. n.m.Discontinued operations 0.04 - -

0.68 1.15 1.45 70 26

EPS Reconciliation 0.00 0.00 0.00Net earnings from continuing operations 0.64 1.15 1.45NCI redemption increment 0.26 0.27 0.26 Acquisition-related items 0.29 0.27 0.26 Amortization of intangible assets, net of tax 0.30 0.29 0.29 Stock-based compensation, net of tax 0.22 0.07 0.07

Adjusted EPS from continuing operations (diluted) 1.70 2.05 2.35 20.8 14.1

Weighted average common shares outstanding (000s)Basic 35,917 35,871 35,871 Diluted 36,309 37,375 38,170

Ratios (%):Gross margin 40.1 40.0 40.5 SG&A/revenues 30.9 31.1 31.1 Depreciation/revenues 1.3 1.2 1.1 Amortization of intangible assets/revenues 1.0 0.9 0.8 Interest expense/revenues 0.5 0.5 0.5 Income tax rate 30.5 30.0 30.0 Earnings attributable to NCI/net earnings 43.6 25.0 25.0 Net profit margin 1.6 2.4 2.8

EBITDA reconciliationOperating income 88,806 111,014 133,781 Depreciation and amortization 35,936 36,500 38,500 Acquisition-related items 10,642 10,000 10,000 Stock-based compensation expense 11,364 4,000 4,000 Adjusted EBITDA 146,748 161,514 186,281

Adjusted EBITDA margin (%) 9.3 8.9 9.4




Valuation & Recommendation

Following FirstService’s split into two independent publicly-traded companies last month, our target price on the common shares moves from $75.00 to $50.00, while our recommendation is maintained at Outperform. Our valuation is predicated on a target EV/EVITDA multiple of 11.5 times our 2016 forecasts, which roughly matches the average forward multiple of 11.7x for Colliers’ two largest rivals, CBRE and JLL. It also lies within the upper end of the trading range both stocks have commanded over the past ten years, which we view as reasonable given the strong momentum experienced across global commercial real estate markets. We see no reason to apply a market cap discount to Colliers given its potential to deliver stronger growth than its peers over the next two to three years.

Exhibit 7: Our Colliers Valuation is Consistent with the Average Forward EV/EBITDA Multiple of 11.7 times for CBRE and JLL

Colliers International Valuation

Year End December 31; $ millions

EBITDA (2016E) 186.3

Target EV/EBITDA multiple 11.5x

Target Enterprise Value 2,142.2

Redeemable NCI (2016E) (134.6)

Total net debt (2016E) (110.6)

Target equity value 1,897.0

Share count 38.2

Target value per share $49.70

Target price (rounded) $50.00

4x

5x

6x

7x

8x

9x

10x

11x

12x

13x

14x

15x

16x

2Q

05

2Q

06

2Q

07

2Q

08

2Q

09

2Q

10

2Q

11

2Q

12

2Q

13

2Q

14

2Q

15

Average FTM EV/EBITDA for CBRE & JLL

1 standard

deviation 10-yr average

10.4x

2014 2015E 2016E 2014 2015E 2016E

COMMERCIAL REAL ESTATECBRE GROUP, INC. CBG.US USD $38.37 333.0 12,776 2,505 15,327 22.6 19.4 17.0 12.9 11.9 10.5 16.4 5.6 COLLIERS INTERNATIONAL GROUP INC. CIGI.US USD $41.38 38.2 1,579 233 1,928 24.3 20.1 17.6 13.1 11.9 10.3 12.1 6.7 JONES LANG LASALLE INCORPORATED JLL.US USD $175.91 44.9 7,891 612 8,533 21.5 18.5 17.2 14.2 12.4 11.4 7.2 3.4 0

22.8 19.4 17.3 13.4 12.1 10.7

Price /

Book

P/E EV/EBITDA

Shares

O/S

(mln)

Market

Cap

($mln)

Net Debt

($mln)

Ent.

Value

($mln)Company Name Ticker Fx

Market

Price ($)

Net

Debt/ Cap

(%)

Note: Estimates for Colliers are from Raymond James Ltd.; all other estimates are consensus from Capital IQ

Source: Capital IQ, Raymond James Ltd.



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All Raymond James Ltd. research reports are distributed electronically and are available to clients at the same time via the firm’s website (http://www.raymondjames.ca). Immediately upon being posted to the firm’s website, the research reports are then distributed electronically to clients via email upon request and to clients with access to Bloomberg (home page: RJLC), Capital IQ and Thomson Reuters. Selected research reports are also printed and mailed at the same time to clients upon request. Requests for Raymond James Ltd. research may be made by contacting the Raymond James Product Group during market hours at (604) 659‐8000.

In the event that this is a compendium report (i.e., covers 6 or more subject companies), Raymond James Ltd. may choose to provide specific disclosures for the subject companies by reference. To access these disclosures, clients should refer to: http://www.raymondjames.ca (click on Equity Capital Markets / Equity Research / Research Disclosures) or call toll‐free at 1‐800‐667‐2899.

ANALYST INFORMATION

Analyst Compensation: Equity research analysts and associates at Raymond James are compensated on a salary and bonus system. Several factors enter into the compensation determination for an analyst, including i) research quality and overall productivity, including success in rating stocks on an absolute basis and relative to the local exchange composite Index and/or a sector index, ii) recognition from institutional investors, iii) support effectiveness to the institutional and retail sales forces and traders, iv) commissions generated in stocks under coverage that are attributable to the analyst’s efforts, v) net revenues of the overall Equity Capital Markets Group, and vi) compensation levels for analysts at competing investment dealers.

Analyst Stock Holdings: Effective September 2002, Raymond James equity research analysts and associates or members of their households are forbidden from investing in securities of companies covered by them. Analysts and associates are permitted to hold long positions in the securities of companies they cover which were in place prior to September 2002 but are only permitted to sell those positions five days after the rating has been lowered to Underperform.

The views expressed in this report accurately reflect the personal views of the analyst(s) covering the subject securities. No part of said person's compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. In addition, said analyst has not received compensation from any subject company in the last 12 months.

RATINGS AND DEFINITIONS

Raymond James Ltd. (Canada) definitions: Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and



outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold.

Raymond James & Associates (U.S.) definitions: Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months. Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months. Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Latin American rating definitions: Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Europe (Raymond Euro Equities SAS & Raymond James Financial International Limited) rating definitions: Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months. Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon.

In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.

Suitability Categories (SR): Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal. Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, at least a small dividend, and the potential for long-term price appreciation. Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less predictable earnings and acceptable, but possibly more leveraged balance sheets. High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and risk of principal. Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, and a substantial risk of principal.

RATING DISTRIBUTIONS

Coverage Universe Rating Distribution* Investment Banking Distribution

RJL RJA RJ LatAm RJEE RJL RJA RJ LatAm RJEE

Strong Buy and Outperform (Buy) 66% 55% 64% 43% 45% 22% 0% 0%

Market Perform (Hold) 32% 40% 36% 36% 23% 9% 0% 0%

Underperform (Sell) 2% 5% 0% 21% 0% 2% 0% 0%

* Columns may not add to 100% due to rounding.

RAYMOND JAMES RELATIONSHIP DISCLOSURES

Raymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months.

Company Name Disclosure

Colliers International Group Inc. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Colliers



Company Name Disclosure

International Group Inc..

FirstService Corporation Raymond James Ltd - the analyst and/or associate has viewed the material operations of FirstService Corporation.

STOCK CHARTS, TARGET PRICES, AND VALUATION METHODOLOGIES

Valuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of qualitative and quantitative factors including an assessment of industry size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition, and expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry- or company-specific occurrences.

Target Prices: The information below indicates target price and rating changes for the subject companies included in this research.

Valuation Methodology: We value Colliers International on a comparative basis to peer group historical multiples.



Valuation Methodology: We value FirstService on a sum-of-parts basis on its Residential Property Management (RPM) and Property Services (PS) business units.

RISK FACTORS

General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation.

Risks - Colliers International Group Inc. The following risks and uncertainties may have a material adverse effect on Colliers’ business, operating results and financial condition: (i) Real estate property values, vacancy rates and the availability of capital for real estate transactions have a direct impact on Colliers’ operations as property values and vacancy rates can influence the number of sales transactions that occur and the commissions earned on sales transactions; (ii) Any change to the competitive landscape can impact demand and ultimately result in pricing pressures; (iii) The company’s high dependency on human capital leaves the business vulnerable to wage or benefit increases; (iv) Consolidated results are influenced by fluctuations in the relative strength of the US dollar versus global currencies; (v) Colliers’ growth strategy is dependent on the company’s ability to generate cash from its operations, meet its debt obligations and on the availability of suitable targets in the marketplace; (vi) Changes to local government laws and regulations, operating costs, frequency of insurance incidents, or failures in the information technology systems may negatively impact Colliers’ operations; (vii) Global political conditions, including any outbreak of terrorism or hostilities can also impact the business.

Risks - FirstService Corporation - Property values are directly correlated with demand for the company’s services, including painting, closet installation, general maintenance, collections and resale processing. The high variable costs associated with the franchising business model enable the company to quickly match costs to revenue. - Low barriers of entry have resulted in strong competitive markets for many of FirstService’s businesses. Any change to the competitive landscape can impact demand and ultimately result in pricing pressures. Additionally, the company’s high dependency on human capital leaves the business vulnerable to wage or benefit increases. - Since approximately 8% of revenues are generated in Canada, consolidated results are influenced by fluctuations in the relative strength of the US dollar versus the Canadian dollar. Percentage of revenues generated outside the US is expected to increase with acquisitions. - FirstService’s strategy is dependent on its ability acquire and expand its footprint and service offering. The availability of suitable targets, the negotiation of favourable terms, and the successful integration of the acquired into its platform are all potential risks to the strategy. - Changes to local government laws and regulations, operating costs, frequency of insurance incidents, or failures in the information technology systems may negatively impact FirstService’s operations. Global political conditions, including any outbreak of terrorism or hostilities can also impact the business.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available for Raymond James at rjcapitalmarkets.com/Disclosures/index and for Raymond James Limited at www.raymondjames.ca/researchdisclosures.

INTERNATIONAL DISCLOSURES

FOR CLIENTS IN THE UNITED STATES:

Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for purchase in your state.

Raymond James Ltd. is not a U.S. broker‐dealer and therefore is not governed by U.S. laws, rules or regulations applicable to U.S. broker‐dealers. Consequently, the persons responsible for the content of this publication are not licensed in the U.S. as research analysts in accordance with applicable rules promulgated by the U.S. Self Regulatory Organizations.

Any U.S. Institutional Investor wishing to effect trades in any security should contact Raymond James (USA) Ltd., a U.S. broker‐dealer affiliate of Raymond James Ltd.

http://www.rjcapitalmarkets.com/Disclosures/index



FOR CLIENTS IN THE UNITED KINGDOM:

For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients.

For purposes of the Financial Conduct Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Conduct Authority in the United Kingdom.

FOR CLIENTS IN FRANCE:

This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in “Code Monétaire et Financier” and Règlement Général de l’Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For clients of Raymond James Euro Equities: Raymond James Euro Equities is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers.

For institutional clients in the European Economic Area (EEA) outside of the United Kingdom: This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted.

Raymond James Euro Equities is a French Investment Services Provider authorized by the Autorité de contrôle prudentiel et de résolution and regulated by the Autorité de contrôle prudentiel et de résolution and the Autorité des Marchés Financiers. For non-European exchanges, Raymond James Euro Equities operates under the name Raymond James International.

Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows:

This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose.

This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement. No copyright claimed in incorporated U.S. government works.

Additional information is available upon request. This document may not be reprinted without permission.

RJL is a member of the Canadian Investor Protection Fund. ©2015 Raymond James Ltd.



RAYMOND JAMES LTD. CANADIAN INSTITUTIONAL EQUITY TEAM WWW.RAYMONDJAMES.CA EQUITY RESEARCH HEAD OF EQUITY RESEARCH

DARYL SWETLISHOFF, CFA 604.659.8246

CONSUMER

CONSUMER & RETAIL KENRIC TYGHE, MBA 416.777.7188 KRISZTINA KATAI (ASSOCIATE) 416.777.7060

ENERGY

OIL & GAS ENERGY SERVICES, HEAD OF ENERGY RESEARCH ANDREW BRADFORD, CFA 403.509.0503 TIM MONACHELLO (ASSOCIATE) 403.509.0562 MICHAEL SHAW (JR ASSOCIATE) 403.509.0534

OIL & GAS PRODUCERS KURT MOLNAR 403.221.0414 BRADEN PURKIS (SR ASSOCIATE) 403.509.0518 GORDON STEPPAN, CFA (SR ASSOCIATE) 403.221.0411

SR. OIL & GAS PRODUCERS | ENERGY INFRASTRUCTURE CHRIS COX, CFA 403.509.0523 MICHAEL BARTH (ASSOCIATE) 403.509.0511

INDUSTRIAL & TRANSPORTATION

INDUSTRIAL | TRANSPORTATION, HEAD OF INDUSTRIAL RESEARCH BEN CHERNIAVSKY 604.659.8244 THEONI PILARINOS, CFA 604.659.8234 EDWARD GUDEWILL (ASSOCIATE) 604.659.8280

INFRASTRUCTURE & CONSTRUCTION FREDERIC BASTIEN, CFA 604.659.8232 SAMIR GHAFIR (ASSOCIATE) 604.659.8470

TRANSPORTATION | AGRIBUSINESS & FOOD PRODUCTS STEVE HANSEN, CMA, CFA 604.659.8208 DANIEL CHEW (ASSOCIATE) 604.659.8238

MINING

BASE & PRECIOUS METALS ALEX TERENTIEW, MBA, P.GEO 416.777.4912 JEAN-CHRISTOPHE PARISIEN-LA SALLE (ASSOCIATE) 416.777.7144

PRECIOUS METALS PHIL RUSSO 416.777.7084 LUC TROIANI (ASSOCIATE) 416.777.7098

PRECIOUS METALS CHRIS THOMPSON, M.SC. (ENG), P.GEO 604.659.8439 BRIAN MARTIN, CFA (ASSOCIATE) 604.654.1236

URANIUM | JR EXPLORATION & DEVELOPMENT DAVID SADOWSKI 604.659.8255 MILTON-ANDRES BERNAL (ASSOCIATE) 604.659.8028

FINANCIAL SERVICES

DIVERSIFIED FINANCIALS MICHAEL OVERVELDE, CFA, CPA, CA 416.777.4943 BRENNA PHELAN, CFA, CPA, CA (ASSOCIATE) 416.777.7042

FOREST PRODUCTS

FOREST PRODUCTS DARYL SWETLISHOFF, CFA 604.659.8246 DAVID QUEZADA, CFA (ASSOCIATE ANALYST) 604.659.8257

REAL ESTATE

REAL ESTATE & REITS KEN AVALOS, MBA 727.567.1756 JOHANN RODRIGUES (ASSOCIATE ANALYST) 416.777.7189

TECHNOLOGY & COMMUNICATIONS

TECHNOLOGY, ALTERNATIVE ENERGY & CLEAN TECH STEVEN LI, CFA 416.777.4918 JONATHAN LO (ASSOCIATE) 416.777.6414

EQUITY RESEARCH PUBLISHING SENIOR SUPERVISORY ANALYST

HEATHER HERRON 403.509.0509 HEAD OF PUBLISHING | SUPERVISORY ANALYST

CYNTHIA LUI 604.659.8210

TYLER BOS (SUPERVISORY ANALYST | EDITOR) 416.777.4948 INDER GILL (RESEARCH EDITOR) 604.659.8202 KATE MAJOR (RESEARCH PRINCIPAL | EDITOR) 416.777.7173 CHRISTINE MARTE (RESEARCH EDITOR) 604.659.8200 ASHLEY RAMSAY (SUPERVISORY ANALYST |EDITOR) 604.659.8226

INSTITUTIONAL EQUITY SALES HEAD OF SALES

MIKE WESTCOTT 416.777.4935 GREG JACKSON (ECM, BUSINESS MANAGER) 416.777.7172 MICHELLE MARGUET ( ECM, INSTITUTIONAL MARKETING) 416.777.4951

TORONTO (CAN 1.888.601.6105 | USA 1.800.290.4847)

LAURA ARRELL (U.S. EQUITIES) 416.777.4920 SEAN BOYLE 416.777.4927 JEFF CARRUTHERS, CFA 416.777.4929 RICHARD EAKINS 416.777.4926 JONATHAN GREER 416.777.4930 DAVE MACLENNAN 416.777.4934 ROBERT MILLS, CFA 416.777.4945 BRADY PIMLOTT (ASSOCIATE) 416.777.4993 NICOLE SVEC-GRIFFIS, CFA (U.S. EQUITIES) 416.777.4942 NEIL WEBER 416.777.4931 ORNELLA BURNS (ASSISTANT) 416.777.4928 SATBIR CHATRATH (ASSISTANT) 416.777.4915

VANCOUVER (1.800.667.2899)

SCOT ATKINSON, CFA 604.659.8225 NICK POCRNIC 604.659.8230 TERRI MCEWAN (ASSISTANT) 604.659.8228

MONTREAL (514.350.4450 | 1.866.350.4455)

JOHN HART 514.350.4462 DAVID MAISLIN, CFA 514.350.4460 TANYA HATCHER (ASSISTANT) 514.350.4458

LONDON

ADAM WOOD 0.207.426.5612

INSTITUTIONAL EQUITY TRADING

CO-HEAD OF TRADING BOB MCDONALD, CFA 604.659.8222 ANDREW FOOTE, CFA 416.777.4924

TORONTO (CANADA 1.888.601.6105 | USA 1.800.290.4847) PAM BANKS 416.777.4923 OLIVER HERBST 416.777.4947 ANDY HERRMANN 416.777.4937 ERIC MUNRO, CFA 416.777.4983 JAMES SHIELDS 416.777.4941 BOB STANDING 416.777.4921 PETER MASON (ASSISTANT) 416.777.7195

VANCOUVER (1.800.667.2899) NAV CHEEMA 604.659.8224 FRASER JEFFERSON 604.659.8218 DEREK ORAM 604.659.8223

MONTREAL (514.350.4450 | 1.866.350.4455) JOE CLEMENT 514.350.4470 PATRICK SANCHE 514.350.4465

INSTITUTIONAL EQUITY OFFICES

Calgary Suite 4250 525 8th Avenue SW Calgary, AB T2P 1G1 403.509.0500

Montreal Suite 3000 1800 McGill College Montreal, PQ H3A 3J6 514.350.4450 Toll Free: 1.866.350.4455

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