Investor Presentation April 2015 Forward-looking statements

Certain statements included herein constitute “forward‐looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, impact demand for the Company’s services, service industry conditions and capacity; the ability of the Company to implement its business strategy, including the Company’s ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in or the failure to comply with government regulations (especially safety and environmental laws and regulations); and other factors which are described in the Company’s filings with the Canadian securities regulators and the U.S. Securities and Exchange Commission.

2 FirstService Overview

. $2.7B+ global leader in real estate services . Founded in 1989 . Listed on (1995) and TSX (1993) . Three market‐leading engines for growth . International – Global leader in commercial real estate . FirstService Residential – North America’s largest residential property manager . FirstService Brands – Leading franchisor/operator of property services brands . 60% recurring revenue streams . Proven business model . Essential services . Partnership philosophy – operators aligned with shareholders . Growth strategy – internal growth and acquisitions . Spin‐off transaction announced February 2015 . Two publicly traded companies . Colliers International (Commercial Real Estate) . FirstService Corporation (Residential Management & Property Services) . Expected completion in Q2 2015 3 FirstService Overview - continued

. Strong cash flow & balance sheet . Low CAPEX, highly variable costs . Low financial leverage, ample growth capital . Successful track record . $100K invested in 1995 is worth $3.5 million today . 20% CAGR over 20 years (vs. NASDAQ at 10%) . 20%+ insider ownership . $0.40 annual dividend on common shares . Significant potential for future share value growth . Real estate services is one of largest global markets . Growth in market share, services and geography . Margin expansion across service lines

4 Three Engines for Growth

Revenue by Segment Adjusted EBITDA by Segment

Total Revenue: $2.71B Total Adjusted EBITDA: $222M

Note: Revenue and Adjusted EBITDA are for the twelve months ended December 31, 2014. 5 Diversified Revenue Streams

Revenue by Service Revenue by Geography

Note: Revenue is for the twelve months ended December 31, 2014. 6 Colliers International

Revenue $1.58B | EBITDA $157M . Global leader in commercial real estate . 219 company-owned offices in 41 countries + franchises in 26 countries . Global brand . Initial investment 2004 – Revenue up 6X, EBITDA up 10X . 3rd most recognized brand – The Lipsey Co. (2015 brand survey) . Ranked #5 global outsourcer – G100 (up from #17 last year) . Growth strategy . Expand share in major markets; expand global coverage . Add services, multi-market retainers, other CRE services . Recent acquisitions: AOS (France, Belgium); 4 tuckunders (UK, ANZ) . Improve operational effectiveness . Increase EBITDA margins above 10% by 2016

Note: Revenue and Adjusted EBITDA are for the twelve months ended December 31, 2014. 7 Colliers International

Achieving a higher % of non-transaction revenues 2004 2014 $250M Revenue $1.58B Revenue

Sales and Lease Brokerage Management and Advisory Services

Achieving greater geographic diversification

2004 2014 $250M Revenue $1.58B Revenue

Americas

Rest of the World 8 Colliers International

Revenue

CAGR 20% millions

US$

Adjusted EBITDA & margin

CAGR 26% millions

US$

9 FirstService Residential

Revenue $920M | EBITDA $46M . Largest player in North America . Condos, co-ops, master planned and active adult communities . Highly fragmented ~ 5% market share . Rebranded to “FirstService Residential” (in 2013) . 7,000 properties under management . 1.6 million residential units managed; 3 million residents . $8+ billion annual spend . 100+ offices across North America . 90% recurring revenue . Long-term contracts, 95%+ retention rates . Growth strategy . Increase share, add markets, expand services . Improve operational effectiveness . Consolidate back offices to 2 shared service centres . Drive EBITDA margins to 8% by 2018 Note: Revenue and Adjusted EBITDA are for the twelve months ended December 31,2014. 10 FirstService Residential

Leading market position . Scale brings differentiation . Virtually impossible to replicate advantages . $8B in annual operating budgets . “Buying power” is leveraged to benefit clients . Exclusive financial and banking programs . $2.5B+ in client funds creates highest yields/lowest costs . Proprietary insurance programs . $1B+ annual spend reduces costs/expands coverage . Energy conservation and procurement . Proprietary databases - procure energy/upgrade infrastructure . High standards of transparency/accountability

11 FirstService Residential

Revenue

CAGR 13% millions

US$

Adjusted EBITDA & margin

CAGR 7% millions

US$

Note: Adjusted EBITDA includes $5.9M of re‐branding and related costs in 2013 and elevated employee medical costs of $9.0M in 2014, both of which are non‐recurring. 12 FirstService Brands

Revenue $212M | EBITDA $38M . FirstService Brands . 7 well-known property service brands . 11 company-owned, 1,900 franchises, $1.4B+ system-wide sales . Benefitting from US economic/housing market recovery . Significant contractual revenues . $90M+ recurring franchise royalties . Growth strategy . Grow revenues as US consumer spending increases, take share . Leverage scale, drive productivity . Strategically acquire franchises in major markets . Recent acquisition – Paul Davis Q2 2014

Note: Revenue and Adjusted EBITDA are for the twelve months ended December 31, 2014. 13 FirstService Brands

Revenue

CAGR 7% millions

US$

Adjusted EBITDA & margin

CAGR 7% millions

US$

14 Financial Overview Balanced Growth Strategy

. 15% Revenue CAGR over the last 5 years . 9% internal growth + 6% acquisitions

16 Successful Track Record

Revenue Adjusted EBITDA

(US$ millions) (US$ millions)

15% five year CAGR 24% five year CAGR

17 Successful Track Record

Adjusted EPS Operating Cash Flow

(US$) (US$ millions)

$24

33% five year CAGR 14% five year CAGR

18 Q4 2014 Operating Results

(US$ millions, except per share amounts) Quarter ended Dec 31 Colliers FSR FSB Corp Total 2014 Revenue $ 541.6 $ 227.9 $ 54.3 $ 0.1 $ 823.9 Adjusted EBITDA 72.4 6.9 9.0 (7.9) 80.4 EBITDA margin 13.4% 3.0% 16.6% NM 9.8% Adjusted EPS $ 1.16

2013 Revenue $ 433.3 $ 208.0 $ 50.5 $ 0.1 $ 691.9 Adjusted EBITDA 61.3 10.5 8.5 (7.4) 72.9 EBITDA margin 14.1% 5.0% 16.8% NM 10.5% Adjusted EPS $ 0.69 Revenue growth (local currency) 28% 10% 8% NM 21%

Q4 2014 highlights • Colliers posted 21% internal growth plus 7% from recent acquisitions; Adjusted EBITDA up significantly due to operating leverage. • FSR and FSB contributed solid revenue growth. FSR margins in Q4 2014 continued to be impacted by higher than expected employee medical costs ($3.0M) and costs related to legacy homeowner fee collection services ($2.0M). 19 Leverage

(US$ millions) Dec 31, 2014 Dec 31, 2013

Net debt $ 336.6 $ 230.1 Redeemable non-controlling interests 231.0 222.1

Shareholders’ equity 233.2 249.0

Total capitalization $ 800.8 $ 701.2

Net debt / Adjusted EBITDA 1.4x 1.3x Net debt / total capitalization 42% 33% (Adjusted EBITDA less capex) / net interest 11.9x 6.9x Highlights • Increased revolver to $500 from $350 in Q2 2014 to provide financial flexibility and capacity for acquisitions

• Capex of $53 in 2014; 20% reduction expected for 2015

• Lower leverage ratio for Q4 2014, with seasonal increase expected in Q1 and Q2 2015

• Weighted average cost of debt at the end of Q4 2014 was approximately 3%

20 Creating Value for Shareholders

$100,000 invested in 1995 is valued at $3.5 million today

21 Create Future Share Value

Assumptions Trailing 5 Years 5 Year Outlook . Internal growth CAGR 9% 5% . Acquisition CAGR 6% 6% . Total revenue growth 15% 11%

(US$ millions) 22 Create Future Share Value

Adjusted EBITDA Adjusted EPS

(US$ millions)

Net Debt / Adjusted EBITDA

23 Summary

. $2.7B+ global leader in real estate services . Three platforms for growth . 60% recurring revenues . Proven business model . Significant insider ownership and long tenured team . Strong cash flows & balance sheet . Successful track record – 20% CAGR over 20 years . $0.40 annual dividend on common shares . Significant potential for growth . Announced spin-off to create two publicly traded companies, Colliers International and FirstService Corporation – Q2 2015 24 Appendix – Adjusted EBITDA Reconciliation

Quarter ended Dec. 31 Year ended Dec. 31 (US$ millions) 2014 2013 2014 2013 Net earnings from continuing $ 37.8 $ 28.1 $ 89.4 $ 46.6 operations Income tax 10.7 16.0 31.8 22.2

Other expense (income) - 0.3 (1.0) (1.5)

Interest expense, net 4.4 4.2 14.2 21.5

Operating earnings 52.9 48.6 134.4 88.8

Depreciation and amortization 18.2 14.6 62.4 71.9

Acquisition-related items 5.9 2.1 11.8 10.5

Stock-based compensation expense 3.4 7.6 13.1 12.7

Adjusted EBITDA $ 80.4 $ 72.9 $ 221.7 $ 183.9

25 Appendix – Adjusted EPS Reconciliation

Quarter ended Dec. 31 Year ended Dec. 31 (US$) 2014 2013 2014 2013 Diluted net earnings (loss) per share from continuing operations $ 0.45 $ 0.11 $ 1.15 $ (0.48) Non-controlling interest redemption increment 0.36 0.51 0.53 1.25

Acquisition-related items 0.16 0.05 0.31 0.30

Amortization of intangible assets, net of tax 0.11 0.10 0.43 0.73

Stock-based compensation expense, net of tax 0.08 0.19 0.31 0.33

Adjusted EPS $ 1.16 $ 0.96 $ 2.73 $ 2.13

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