Revenues (US$ millions) Adjusted EBITDA (US$ millions) 2,344 185 2,110 1,852 152 1,617 1,379 115 93 62

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) 1.9 2.15 1.8 1.8 1.4 1.64 1.2

1.04 0.60 0.76

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Revenue by Geography Revenue by Geography

United United 59% States 59% States

15% Canada 15% Canada

Australia/ 10% Europe 10% New Zealand

Australia/ 10% New Zealand 5% Asia

5% Asia 10% Europe

Latin Latin 1% America 1% America

Financial Highlights About FirstService Corporation

FirstService Corporation is a global leader in the rapidly growing FirstService generates more than US$2.3 billion in annual real estate services sector, one of the largest markets in the revenues and has more than 24,000 employees worldwide. With RevenuesRevenues (US$ millions) (US$ millions) AdjustedAdjusted EBITDA EBITDA (US$ millions) (US$ millions) world. FirstService manages more than 2.5 billion square feet of significant insider ownership and an experienced management residential and commercial properties through its three industry- team, FirstService has a long-term track record of creating value 2,3442,344 185 185 leading service platforms: and superior returns for shareholders since becoming a publically 2,110 2,110 listed company in 1993. The common shares of FirstService 1,852 1,852 152 152 • Colliers International – one of the largest global players in trade on the NASDAQ under the symbol “FSRV” and on the Toronto 1,617 1,617 commercial real estate services; 1,379 1,379 115 115 Stock Exchange under the symbol “FSV”. More information is 93 93 • FirstService Residential – North America’s largest manager available at www.firstservice.com. 62 62 of residential communities; and • FirstService Brands – one of North America’s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations. 20092009 2010 20102011 20112012 20122013 2013 20092009 2010 20102011 20112012 20122013 2013

AdjustedAdjusted EPS (US$) EPS (US$) FinancialFinancial Leverage Leverage (Expressed (Expressed in terms of in net terms debt/EBITDA) of net debt/EBITDA) 1.9 1.9 Why Invest in FirstService? $2.8M+ 2.15 2.15 1.8 1.8 1.8 1.8 1.4 1.4 1.64 1.64 1.2 1.2 $100K Invested 1.04 1.04 Corporate Information 0.60 0.600.76 0.76 in 1995 is now 20% CAGR Head Office, Canada 1140 Bay Street, Suite 4000 $100K Toronto, Ontario worth $2.8M+ 1995 2013 20092009 2010 20102011 20112012 20122013 2013 20092009 2010 20102011 20112012 20122013 2013 M5S 2B4 Phone: 416.960.9500 Leader in Global Real Estate Services Proven Business Model • $2.3+ billion in revenues across three real estate (US$ thousands, except per share amounts) Year ended December 31 Head Office, United States • Essential services with highly recurring revenue streams services platforms 2013 2012 2011 2010 2009 1815 Griffin Road • Partnership philosophy aligns business leaders with Dania Beach, Florida • Real estate is one of the world’s largest markets creating shareholders Operations 33004 multiple growth opportunities Revenues $ 2,343,634 $ 2,110,466 $ 1,851,968 $ 1,617,300 $ 1,378,519 • Differentiated services drive internal growth complemented Operating earnings 90,234 80,348 56,217 46,731 (16,966) • Market leading brands, including Colliers International and by strategic acquisitions to expand service platforms Net earnings (loss) from continuing operations 47,640 42,217 76,925 17,477 (40,386) FirstService Residential Net (loss) earnings from discontinued operations (5,997) (1,328) 22,878 24,979 23,677 Registrar and Transfer Agent • Proven 18-year track record of performance in building Net earnings (loss) 41,643 40,889 99,803 42,456 (16,709) Canada - TMX Equity Transfer Services Strong Cash Flow & Balance Sheet shareholder value • Strong cash flows, low CAPEX and highly variable costs Financial Position Phone: 416.361.0930

Total assets $ 1,443,511 $ 1,317,910 $ 1,233,718 $ 1,129,541 $ 1,009,530 E-mail: [email protected] • Quarterly dividends paid on common shares Long-term debt 372,794 337,205 316,415 240,740 235,994 Three Engines for Diversified Growth Convertible debentures - 77,000 77,000 77,000 77,000 • Low leverage U.S. co-transfer agent - Registrar and • Colliers International, one of the largest global players in Shareholders’ equity 249,049 244,153 246,522 201,331 166,034 • Ample capital and liquidity to finance growth initiatives Transfer Company commercial real estate services Earnings Data • FirstService Residential, North America’s largest manager 1 Phone: 1.800.368.5948 Adjusted EBITDA $ 185,461 $ 152,263 $ 115,317 $ 92,942 $ 61,646 of residential communities Successful Track Record and Stable, Adjusted EPS2 2.15 1.64 1.04 0.76 0.60 E-mail: [email protected] Diluted net (loss) earnings per common share • FirstService Brands, one of North America’s largest Committed Executive Team from continuing operations (0.46) (0.08) 1.35 (0.71) (2.67) providers of essential property services through individually • $l00,000 invested in 1995 is worth $2.8+ million today Diluted weighted average Stock Exchange Listing branded franchise systems and company-owned operations common shares outstanding (thousands) 33,262 30,376 30,551 30,367 29,516 • 20% CAGR over l8 years Cash dividends per commom share $ 0.20 $ - $ - $ - $ - NASDAQ Global Select Market – FSRV • Significant insider ownership, and xecutivee and operating Toronto Stock Exchange – FSV World Leader in Property team tenure Preferred Share Data Management Number outstanding (thousands) - 5,231 5,623 5,772 5,772 FirstService common shares are included 2013 Cash dividends per preferred share $ 0.4375 $ 1.75 $ 1.75 $ 1.75 1.75 Annual Report in the S&P/TSX Composite Dividend Index • 45% of revenue from management contracts Summary Notes • 2.5+ billion square feet of residential and commercial property 1. Adjusted EBITDA is defined as net earnings from continuing operations before income tax, interest, depreciation, amortization, goodwill impairment charges, other (income) under management expense, acquisition-related items, stock-based compensation expense, cost containment expense and reorganization charges. 2. Adjusted earnings per common share is defined as diluted net (loss) earnings per common share from continuing operations, adjusted for the effect, after income tax, of • $7.5 billion of expenditures administered annually at managed non-controlling interest redemption increment, amortization, goodwill impairment charges, acquisition-related items, stock-based compensation expense, cost containment expense, reorganization charges and deferred income tax asset valuation allowances. www.FirstService.com properties

RevenueRevenue by Geography by Geography RevenueRevenue by Geography by Geography

United United United United 59%59States% States 59%59States% States

15%15Canada% Canada 15%15Canada% Canada

Australia/Australia/ 10%10Europe% Europe 10%10New% ZealandNew Zealand

Australia/Australia/ 10%10New% ZealandNew Zealand 5%5Asia% Asia

5%5Asia% Asia 10%10Europe% Europe

Latin Latin Latin Latin 1%1America% America 1%1America% America

$2.8M+$2.8M+

$100K$100K Invested Invested in 1995in 1995 is now is now 20%20% CAGR CAGR worthworth $2.8M+ $2.8M+ $100K$100K 1995 1995 2013 2013 Revenues (US$ millions) Adjusted EBITDA (US$ millions) 2,344 185 2,110 1,852 152 1,617 1,379 115 93 62

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) 1.9 2.15 1.8 1.8 1.4 1.64 1.2

1.04 0.60 0.76

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Revenue by Geography Revenue by Geography

United United 59% States 59% States

15% Canada 15% Canada

Australia/ 10% Europe 10% New Zealand

Australia/ 10% New Zealand 5% Asia

5% Asia 10% Europe

Latin Latin 1% America 1% America

Financial Highlights About FirstService Corporation

FirstService Corporation is a global leader in the rapidly growing FirstService generates more than US$2.3 billion in annual real estate services sector, one of the largest markets in the revenues and has more than 24,000 employees worldwide. With RevenuesRevenues (US$ millions) (US$ millions) AdjustedAdjusted EBITDA EBITDA (US$ millions) (US$ millions) world. FirstService manages more than 2.5 billion square feet of significant insider ownership and an experienced management residential and commercial properties through its three industry- team, FirstService has a long-term track record of creating value 2,3442,344 185 185 leading service platforms: and superior returns for shareholders since becoming a publically 2,110 2,110 listed company in 1993. The common shares of FirstService 1,852 1,852 152 152 • Colliers International – one of the largest global players in trade on the NASDAQ under the symbol “FSRV” and on the Toronto 1,617 1,617 commercial real estate services; 1,379 1,379 115 115 Stock Exchange under the symbol “FSV”. More information is 93 93 • FirstService Residential – North America’s largest manager available at www.firstservice.com. 62 62 of residential communities; and • FirstService Brands – one of North America’s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations. 20092009 2010 20102011 20112012 20122013 2013 20092009 2010 20102011 20112012 20122013 2013

AdjustedAdjusted EPS (US$) EPS (US$) FinancialFinancial Leverage Leverage (Expressed (Expressed in terms of in net terms debt/EBITDA) of net debt/EBITDA) 1.9 1.9 Why Invest in FirstService? $2.8M+ 2.15 2.15 1.8 1.8 1.8 1.8 1.4 1.4 1.64 1.64 1.2 1.2 $100K Invested 1.04 1.04 Corporate Information 0.60 0.600.76 0.76 in 1995 is now 20% CAGR Head Office, Canada 1140 Bay Street, Suite 4000 $100K Toronto, Ontario worth $2.8M+ 1995 2013 20092009 2010 20102011 20112012 20122013 2013 20092009 2010 20102011 20112012 20122013 2013 M5S 2B4 Phone: 416.960.9500 Leader in Global Real Estate Services Proven Business Model • $2.3+ billion in revenues across three real estate (US$ thousands, except per share amounts) Year ended December 31 Head Office, United States • Essential services with highly recurring revenue streams services platforms 2013 2012 2011 2010 2009 1815 Griffin Road • Partnership philosophy aligns business leaders with Dania Beach, Florida • Real estate is one of the world’s largest markets creating shareholders Operations 33004 multiple growth opportunities Revenues $ 2,343,634 $ 2,110,466 $ 1,851,968 $ 1,617,300 $ 1,378,519 • Differentiated services drive internal growth complemented Operating earnings 90,234 80,348 56,217 46,731 (16,966) • Market leading brands, including Colliers International and by strategic acquisitions to expand service platforms Net earnings (loss) from continuing operations 47,640 42,217 76,925 17,477 (40,386) FirstService Residential Net (loss) earnings from discontinued operations (5,997) (1,328) 22,878 24,979 23,677 Registrar and Transfer Agent • Proven 18-year track record of performance in building Net earnings (loss) 41,643 40,889 99,803 42,456 (16,709) Canada - TMX Equity Transfer Services Strong Cash Flow & Balance Sheet shareholder value • Strong cash flows, low CAPEX and highly variable costs Financial Position Phone: 416.361.0930

Total assets $ 1,443,511 $ 1,317,910 $ 1,233,718 $ 1,129,541 $ 1,009,530 E-mail: [email protected] • Quarterly dividends paid on common shares Long-term debt 372,794 337,205 316,415 240,740 235,994 Three Engines for Diversified Growth Convertible debentures - 77,000 77,000 77,000 77,000 • Low leverage U.S. co-transfer agent - Registrar and • Colliers International, one of the largest global players in Shareholders’ equity 249,049 244,153 246,522 201,331 166,034 • Ample capital and liquidity to finance growth initiatives Transfer Company commercial real estate services Earnings Data • FirstService Residential, North America’s largest manager 1 Phone: 1.800.368.5948 Adjusted EBITDA $ 185,461 $ 152,263 $ 115,317 $ 92,942 $ 61,646 of residential communities Successful Track Record and Stable, Adjusted EPS2 2.15 1.64 1.04 0.76 0.60 E-mail: [email protected] Diluted net (loss) earnings per common share • FirstService Brands, one of North America’s largest Committed Executive Team from continuing operations (0.46) (0.08) 1.35 (0.71) (2.67) providers of essential property services through individually • $l00,000 invested in 1995 is worth $2.8+ million today Diluted weighted average Stock Exchange Listing branded franchise systems and company-owned operations common shares outstanding (thousands) 33,262 30,376 30,551 30,367 29,516 • 20% CAGR over l8 years Cash dividends per commom share $ 0.20 $ - $ - $ - $ - NASDAQ Global Select Market – FSRV • Significant insider ownership, and xecutivee and operating Toronto Stock Exchange – FSV World Leader in Property team tenure Preferred Share Data Management Number outstanding (thousands) - 5,231 5,623 5,772 5,772 FirstService common shares are included 2013 Cash dividends per preferred share $ 0.4375 $ 1.75 $ 1.75 $ 1.75 1.75 Annual Report in the S&P/TSX Composite Dividend Index • 45% of revenue from management contracts Summary Notes • 2.5+ billion square feet of residential and commercial property 1. Adjusted EBITDA is defined as net earnings from continuing operations before income tax, interest, depreciation, amortization, goodwill impairment charges, other (income) under management expense, acquisition-related items, stock-based compensation expense, cost containment expense and reorganization charges. 2. Adjusted earnings per common share is defined as diluted net (loss) earnings per common share from continuing operations, adjusted for the effect, after income tax, of • $7.5 billion of expenditures administered annually at managed non-controlling interest redemption increment, amortization, goodwill impairment charges, acquisition-related items, stock-based compensation expense, cost containment expense, reorganization charges and deferred income tax asset valuation allowances. www.FirstService.com properties

RevenueRevenue by Geography by Geography RevenueRevenue by Geography by Geography

United United United United 59%59States% States 59%59States% States

15%15Canada% Canada 15%15Canada% Canada

Australia/Australia/ 10%10Europe% Europe 10%10New% ZealandNew Zealand

Australia/Australia/ 10%10New% ZealandNew Zealand 5%5Asia% Asia

5%5Asia% Asia 10%10Europe% Europe

Latin Latin Latin Latin 1%1America% America 1%1America% America

$2.8M+$2.8M+

$100K$100K Invested Invested in 1995in 1995 is now is now 20%20% CAGR CAGR worthworth $2.8M+ $2.8M+ $100K$100K 1995 1995 2013 2013 Revenues (US$ millions) Adjusted EBITDA (US$ millions) 2,344 185 2,110 1,852 152 1,617 1,379 115 93 62

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) 1.9 2.15 1.8 1.8 1.4 1.64 1.2

1.04 0.60 0.76

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Revenue by Geography Revenue by Geography

United United 59% States 59% States

15% Canada 15% Canada

Australia/ 10% Europe 10% New Zealand

Australia/ 10% New Zealand 5% Asia

5% Asia 10% Europe

Latin Latin 1% America 1% America

Financial Highlights About FirstService Corporation

FirstService Corporation is a global leader in the rapidly growing FirstService generates more than US$2.3 billion in annual real estate services sector, one of the largest markets in the revenues and has more than 24,000 employees worldwide. With RevenuesRevenues (US$ millions) (US$ millions) AdjustedAdjusted EBITDA EBITDA (US$ millions) (US$ millions) world. FirstService manages more than 2.5 billion square feet of significant insider ownership and an experienced management residential and commercial properties through its three industry- team, FirstService has a long-term track record of creating value 2,3442,344 185 185 leading service platforms: and superior returns for shareholders since becoming a publically 2,110 2,110 listed company in 1993. The common shares of FirstService 1,852 1,852 152 152 • Colliers International – one of the largest global players in trade on the NASDAQ under the symbol “FSRV” and on the Toronto 1,617 1,617 commercial real estate services; 1,379 1,379 115 115 Stock Exchange under the symbol “FSV”. More information is 93 93 • FirstService Residential – North America’s largest manager available at www.firstservice.com. 62 62 of residential communities; and • FirstService Brands – one of North America’s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations. 20092009 2010 20102011 20112012 20122013 2013 20092009 2010 20102011 20112012 20122013 2013

AdjustedAdjusted EPS (US$) EPS (US$) FinancialFinancial Leverage Leverage (Expressed (Expressed in terms of in net terms debt/EBITDA) of net debt/EBITDA) 1.9 1.9 Why Invest in FirstService? $2.8M+ 2.15 2.15 1.8 1.8 1.8 1.8 1.4 1.4 1.64 1.64 1.2 1.2 $100K Invested 1.04 1.04 Corporate Information 0.60 0.600.76 0.76 in 1995 is now 20% CAGR Head Office, Canada 1140 Bay Street, Suite 4000 $100K Toronto, Ontario worth $2.8M+ 1995 2013 20092009 2010 20102011 20112012 20122013 2013 20092009 2010 20102011 20112012 20122013 2013 M5S 2B4 Phone: 416.960.9500 Leader in Global Real Estate Services Proven Business Model • $2.3+ billion in revenues across three real estate (US$ thousands, except per share amounts) Year ended December 31 Head Office, United States • Essential services with highly recurring revenue streams services platforms 2013 2012 2011 2010 2009 1815 Griffin Road • Partnership philosophy aligns business leaders with Dania Beach, Florida • Real estate is one of the world’s largest markets creating shareholders Operations 33004 multiple growth opportunities Revenues $ 2,343,634 $ 2,110,466 $ 1,851,968 $ 1,617,300 $ 1,378,519 • Differentiated services drive internal growth complemented Operating earnings 90,234 80,348 56,217 46,731 (16,966) • Market leading brands, including Colliers International and by strategic acquisitions to expand service platforms Net earnings (loss) from continuing operations 47,640 42,217 76,925 17,477 (40,386) FirstService Residential Net (loss) earnings from discontinued operations (5,997) (1,328) 22,878 24,979 23,677 Registrar and Transfer Agent • Proven 18-year track record of performance in building Net earnings (loss) 41,643 40,889 99,803 42,456 (16,709) Canada - TMX Equity Transfer Services Strong Cash Flow & Balance Sheet shareholder value • Strong cash flows, low CAPEX and highly variable costs Financial Position Phone: 416.361.0930

Total assets $ 1,443,511 $ 1,317,910 $ 1,233,718 $ 1,129,541 $ 1,009,530 E-mail: [email protected] • Quarterly dividends paid on common shares Long-term debt 372,794 337,205 316,415 240,740 235,994 Three Engines for Diversified Growth Convertible debentures - 77,000 77,000 77,000 77,000 • Low leverage U.S. co-transfer agent - Registrar and • Colliers International, one of the largest global players in Shareholders’ equity 249,049 244,153 246,522 201,331 166,034 • Ample capital and liquidity to finance growth initiatives Transfer Company commercial real estate services Earnings Data • FirstService Residential, North America’s largest manager 1 Phone: 1.800.368.5948 Adjusted EBITDA $ 185,461 $ 152,263 $ 115,317 $ 92,942 $ 61,646 of residential communities Successful Track Record and Stable, Adjusted EPS2 2.15 1.64 1.04 0.76 0.60 E-mail: [email protected] Diluted net (loss) earnings per common share • FirstService Brands, one of North America’s largest Committed Executive Team from continuing operations (0.46) (0.08) 1.35 (0.71) (2.67) providers of essential property services through individually • $l00,000 invested in 1995 is worth $2.8+ million today Diluted weighted average Stock Exchange Listing branded franchise systems and company-owned operations common shares outstanding (thousands) 33,262 30,376 30,551 30,367 29,516 • 20% CAGR over l8 years Cash dividends per commom share $ 0.20 $ - $ - $ - $ - NASDAQ Global Select Market – FSRV • Significant insider ownership, and xecutivee and operating Toronto Stock Exchange – FSV World Leader in Property team tenure Preferred Share Data Management Number outstanding (thousands) - 5,231 5,623 5,772 5,772 FirstService common shares are included 2013 Cash dividends per preferred share $ 0.4375 $ 1.75 $ 1.75 $ 1.75 1.75 Annual Report in the S&P/TSX Composite Dividend Index • 45% of revenue from management contracts Summary Notes • 2.5+ billion square feet of residential and commercial property 1. Adjusted EBITDA is defined as net earnings from continuing operations before income tax, interest, depreciation, amortization, goodwill impairment charges, other (income) under management expense, acquisition-related items, stock-based compensation expense, cost containment expense and reorganization charges. 2. Adjusted earnings per common share is defined as diluted net (loss) earnings per common share from continuing operations, adjusted for the effect, after income tax, of • $7.5 billion of expenditures administered annually at managed non-controlling interest redemption increment, amortization, goodwill impairment charges, acquisition-related items, stock-based compensation expense, cost containment expense, reorganization charges and deferred income tax asset valuation allowances. www.FirstService.com properties

RevenueRevenue by Geography by Geography RevenueRevenue by Geography by Geography

United United United United 59%59States% States 59%59States% States

15%15Canada% Canada 15%15Canada% Canada

Australia/Australia/ 10%10Europe% Europe 10%10New% ZealandNew Zealand

Australia/Australia/ 10%10New% ZealandNew Zealand 5%5Asia% Asia

5%5Asia% Asia 10%10Europe% Europe

Latin Latin Latin Latin 1%1America% America 1%1America% America

$2.8M+$2.8M+

$100K$100K Invested Invested in 1995in 1995 is now is now 20%20% CAGR CAGR worthworth $2.8M+ $2.8M+ $100K$100K 1995 1995 2013 2013 Revenues (US$ millions) Adjusted EBITDA (US$ millions) Revenues (US$ millions) Adjusted EBITDA (US$ millions) 2,344 185 2,110 2,344 185 2,110 152 1,852 152 1,617 1,852 1,617 115 1,379 115 1,379 93 93 62 62

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) 1.9 1.8 1.8 1.9 2.15 1.8 1.8 1.4 1.64 1.4 1.64 1.2 1.04 1.04 0.60 0.76 0.60 0.76

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Founder & CEO’s Message Revenue by Geography Revenue by Geography Revenue by Geography Revenue by Geography

2013 was a year of success and accomplishment for • Ranked #1 real estate firm in Canada, Australia, Latin America, Asia, China and Singapore by Euromoney United United FirstService. Each of our service lines contributed % StatesUnited % StatesUnited 59% States 59% States strong results both strategically and operationally. • Ranked #4 real estate advisors in Europe by Euromoney 59 59 for the first time. Canada Canada In residential property management, we took the bold step of 15% Canada 15% Canada • FirstService Residential, North America’s largest manager of 15% 15% rebranding to FirstService Residential, opening a new chapter low, medium and high-rise condominiums, co-op’s and other Australia/ in the story of North America’s largest manager of residential Australia/ residential communities, increased revenue by 9% with profits 10% Europe Colliers International is a global leader 10in commercial% New real Zealand estate, FirstService Residential is North America’s largest manager of FirstService Brands is one of North America’s largest providers of communities. We sold Field Asset Services, a business that 10% Europe 10% New Zealand down slightly because of the re-branding and other related offering comprehensive commercial property services to investors, residential communities. It manages more than 6,500 properties essential property services delivered through individually branded provided us with very strong cash flows and earnings during the costs incurring during the year. Australia/ property owners and tenants worldwide. More than 15,000 Colliers representing more than 1.5 million residential units and administers franchise systems and company-owned operations. With more than global financial crisis but no longer fit our strategy. We completed NewAustralia/ Zealand Asia 10% professionals in 485 offices worldwide are5 united% by a spirit of annual client expenditures of $6.5 billion annually. FirstService 1,800 franchisees and 9 company-owned operations, FirstService eleven acquisitions across all of our service lines, investing in 10% New Zealand 5% Asia • We welcomed Chuck Fallon as CEO of FirstService Residential. enterprise – they take initiative, think creatively, collaborate and Residential’s goal is to enhance the value of every property and Brands serviced more than 400,000 customers and generated in excess of $55 million. Chuck’s impressive track record in Fortune 500 companies and use their expertise to deliver outstanding business outcomes the lifestyle of every resident in the communities it manages. To excess of $1.1 billion in system-wide sales during 2013. FirstService % Asia % Europe his commitment to exceptional customer service is already 5% Asia through personal attention to client needs.10 2013% wasEurope the best year achieve this, FirstService Residential leverages its scale, expertise Brands’ business model leverages decentralized platform Corporately, we completed the private placement of $150 million 5 10 paying dividends, as we continue to expand our market leading in history for Colliers. Continued investment in the global platform and local knowledge to deliver exceptional customer service by management, while centralizing business and strategic planning, of 3.84% senior notes with a twelve-year term, and simplified our Latin Latin presence across North America. Latin enabled Colliers to create innovative and improved Latinservices for living its values: Being genuinely helpful, aiming high, owning it, brand development and the sharing of best practices. capital structure by eliminating the preferred shares and calling 1% America 1% America 1% America its clients, leading to record revenues and a1 significant% America increase doing what’s right, improving it and building great relationships. our debentures for early redemption. Our balance sheet at • FirstService Brands, one of North America’s largest providers of in average revenue per professional. year-end was as strong as it’s ever been with low leverage and property services, increased its revenue and EBITDA by 12% and This division also includes American Pool Enterprises, the largest ample liquidity to support continued growth. Finally, for the first 20%, respectively, driven by the outstanding efforts of its more commercial swimming pool and recreational facility management time in our history, we instituted a dividend on our common than 1,800 franchisees and 9 company-owned operations. operation in North America. shares. Paying a dividend creates a new source of income for our shareholders and also introduces FirstService to a new universe • As consumer spending increased during 2013 in areas such of dividend-oriented investors. as disaster restoration, painting, closet and storage systems, flooring and home inspections, FirstService Brands is uniquely Revenue EBITDA Revenue EBITDA Revenue EBITDA Here are some additional highlights from 2013: positioned to benefit, with seven well-known market leading • For the year, FirstService revenues increased 12% to $2.34 billion, brands serving customers across North America. EBITDA was up 22% to $185 million and EPS increased 31% to $1,319M $116M $884M $58M $140M $29M $2.15 per share. Since inception, our goal at FirstService has been to create value for our shareholders – one step at a time! Year after year, we have (including affiliates $2,100M) • Our shares increased in value by more than 52%, finishing followed a disciplined approach: carefully building operations, 2013 at US $43.05. seeking out new growth opportunities and prudently deploying capital – all with a focus on delivering high rates of return for Recognized Leader With Global Institutional Reputation Largest Player In North Growth Strategy FirstService Brands Growth Strategy Coverage America • FirstService invested further in the Net Promoter® System to shareholders. And the result speaks for itself: a $100,000 expand and enhance our ability to measure and improve our investment in the shares of FirstService in 1995 is worth more • 485 offices in 63 countries • Third-largest global player • Low, medium and high-rise • Capitalize on re-branding • Paul Davis Restoration • Strive for above average condominiums, co-op’s alignment and increase brand internal growth across all customer experience and employee engagement across all than $2.8 million at the end of 2013. That translates into a 20% (company-owned and affiliates) based on revenues • CertaPro Painters awareness divisions divisions. annualized return over an 18-year period. • Large-scale and lifestyle • 211 company-owned offices in • Fastest growing based on • California Closets 35 countries revenue growth homeowner associations • Build market share by improving • Pursue strategic acquisitions service excellence and employee • College Pro Painters to accelerate growth • Colliers International, one of the leading global players in commercial We are proud of our long-term track record and remain confident • 95% of managed portfolio is We have focused our efforts on • 9,500 professionals, 2,900 • Ranked #2 of the top 25 engagement real estate, increased its revenue and EBITDA by 14% and 47%, that by maintaining our proven business model – the “FirstService brokers commercial real estate brands owner-occupied • Pillar to Post Home Inspectors • Strategically add company- respectively, while increasing its EBITDA margins by 210 basis Way” – we will continue to deliver strong returns to our shareholders. by The Lipsey Company • Add value and reduce costs for owned operations • Commercial property • Floorcoverings International • 42,100 lease/sale transactions, clients through differentiated points to almost 9% – closing in on our stated goal of 10%. We have focused our efforts on the real estate services sector association management $53 billion in total transaction • Founding global partner of the services • BrandPoint Services the real estate services sector because it has massive growth opportunities. We can grow by value World Green Building Council & • A key achievement during the year was the addition of Colliers increasing market share, expanding operations in existing and Regenerative Network • Expand the geographic footprint • 1.0+ billion square feet new markets and adding services – and we can do all of that on 6,500 Properties Under through selective acquisitions International-Germany, a market leader in Europe’s strongest managed • ers Ranked in top 20 global play Management market with significant operations in Munich, Stuttgart, Berlin, a global scale. Equally important, we can continue to increase by International Association of • Enhance operational efficiency Frankfurt and Dusseldorf. our profits by leveraging our growing scale. The bottom line: Outsourcing professionals for 7 • 1.5+ million residential units through increased economies of because of its massive growth FirstService is better positioned today than at any other time Growth Strategy straight years managed scale and centralized back office • Here are just a few of the numerous awards and distinctions in its history to deliver value to our shareholders. • Expand market share in major • Ranked as #1 commercial • 100 offices across North Colliers International earned during the year: markets real estate firm in Canada, America On behalf of the Board, I would like to thank all of our business Australia, Latin America • Broaden service offerings • 85% recurring revenues opportunities. • 3rd largest global player based on revenues leaders, partners and associates for their inspired and enterprising and Poland based on market • Further increase average share • 95% contract retention rate • 2nd most recognized real estate brand in the world by work over the past year. Together we will continue to build on our revenue per professional The Lipsey Company for the 9th consecutive year strong foundation and market leadership in the years ahead. • Continue to increase EBITDA • One of the fastest-growing major commercial real estate margins companies based on revenue growth John B. Friedrichsen Jay S. Hennick D. Scott Patterson CFO Founder & CEO COO • Ranked as one of the top 20 global outsourcing firms by the Jay S. Hennick International Association of Outsourcing Professionals Founder & Chief Executive Officer www.FirstService.com

FS-AR2013-8panel Gatefold-EXTERIOR8-COMP1.indd 2 14-03-05 3:20 PM

$2.8M+

$100K Invested in 1995 is now 20% CAGR $100K worth $2.8M+ $100K worth $2.8M+ 1995 2013 1995 2013 Revenues (US$ millions) Adjusted EBITDA (US$ millions) Revenues (US$ millions) Adjusted EBITDA (US$ millions) 2,344 185 2,110 2,344 185 2,110 152 1,852 152 1,617 1,852 1,617 115 1,379 115 1,379 93 93 62 62

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) 1.9 1.8 1.8 1.9 2.15 1.8 1.8 1.4 1.64 1.4 1.64 1.2 1.04 1.04 0.60 0.76 0.60 0.76

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Founder & CEO’s Message Revenue by Geography Revenue by Geography Revenue by Geography Revenue by Geography

2013 was a year of success and accomplishment for • Ranked #1 real estate firm in Canada, Australia, Latin America, Asia, China and Singapore by Euromoney United United FirstService. Each of our service lines contributed % StatesUnited % StatesUnited 59% States 59% States strong results both strategically and operationally. • Ranked #4 real estate advisors in Europe by Euromoney 59 59 for the first time. Canada Canada In residential property management, we took the bold step of 15% Canada 15% Canada • FirstService Residential, North America’s largest manager of 15% 15% rebranding to FirstService Residential, opening a new chapter low, medium and high-rise condominiums, co-op’s and other Australia/ in the story of North America’s largest manager of residential Australia/ residential communities, increased revenue by 9% with profits 10% Europe Colliers International is a global leader 10in commercial% New real Zealand estate, FirstService Residential is North America’s largest manager of FirstService Brands is one of North America’s largest providers of communities. We sold Field Asset Services, a business that 10% Europe 10% New Zealand down slightly because of the re-branding and other related offering comprehensive commercial property services to investors, residential communities. It manages more than 6,500 properties essential property services delivered through individually branded provided us with very strong cash flows and earnings during the costs incurring during the year. Australia/ property owners and tenants worldwide. More than 15,000 Colliers representing more than 1.5 million residential units and administers franchise systems and company-owned operations. With more than global financial crisis but no longer fit our strategy. We completed NewAustralia/ Zealand Asia 10% professionals in 485 offices worldwide are5 united% by a spirit of annual client expenditures of $6.5 billion annually. FirstService 1,800 franchisees and 9 company-owned operations, FirstService eleven acquisitions across all of our service lines, investing in 10% New Zealand 5% Asia • We welcomed Chuck Fallon as CEO of FirstService Residential. enterprise – they take initiative, think creatively, collaborate and Residential’s goal is to enhance the value of every property and Brands serviced more than 400,000 customers and generated in excess of $55 million. Chuck’s impressive track record in Fortune 500 companies and use their expertise to deliver outstanding business outcomes the lifestyle of every resident in the communities it manages. To excess of $1.1 billion in system-wide sales during 2013. FirstService % Asia % Europe his commitment to exceptional customer service is already 5% Asia through personal attention to client needs.10 2013% wasEurope the best year achieve this, FirstService Residential leverages its scale, expertise Brands’ business model leverages decentralized platform Corporately, we completed the private placement of $150 million 5 10 paying dividends, as we continue to expand our market leading in history for Colliers. Continued investment in the global platform and local knowledge to deliver exceptional customer service by management, while centralizing business and strategic planning, of 3.84% senior notes with a twelve-year term, and simplified our Latin Latin presence across North America. Latin enabled Colliers to create innovative and improved Latinservices for living its values: Being genuinely helpful, aiming high, owning it, brand development and the sharing of best practices. capital structure by eliminating the preferred shares and calling 1% America 1% America 1% America its clients, leading to record revenues and a1 significant% America increase doing what’s right, improving it and building great relationships. our debentures for early redemption. Our balance sheet at • FirstService Brands, one of North America’s largest providers of in average revenue per professional. year-end was as strong as it’s ever been with low leverage and property services, increased its revenue and EBITDA by 12% and This division also includes American Pool Enterprises, the largest ample liquidity to support continued growth. Finally, for the first 20%, respectively, driven by the outstanding efforts of its more commercial swimming pool and recreational facility management time in our history, we instituted a dividend on our common than 1,800 franchisees and 9 company-owned operations. operation in North America. shares. Paying a dividend creates a new source of income for our shareholders and also introduces FirstService to a new universe • As consumer spending increased during 2013 in areas such of dividend-oriented investors. as disaster restoration, painting, closet and storage systems, flooring and home inspections, FirstService Brands is uniquely Revenue EBITDA Revenue EBITDA Revenue EBITDA Here are some additional highlights from 2013: positioned to benefit, with seven well-known market leading • For the year, FirstService revenues increased 12% to $2.34 billion, brands serving customers across North America. EBITDA was up 22% to $185 million and EPS increased 31% to $1,319M $116M $884M $58M $140M $29M $2.15 per share. Since inception, our goal at FirstService has been to create value for our shareholders – one step at a time! Year after year, we have (including affiliates $2,100M) • Our shares increased in value by more than 52%, finishing followed a disciplined approach: carefully building operations, 2013 at US $43.05. seeking out new growth opportunities and prudently deploying capital – all with a focus on delivering high rates of return for Recognized Leader With Global Institutional Reputation Largest Player In North Growth Strategy FirstService Brands Growth Strategy Coverage America • FirstService invested further in the Net Promoter® System to shareholders. And the result speaks for itself: a $100,000 expand and enhance our ability to measure and improve our investment in the shares of FirstService in 1995 is worth more • 485 offices in 63 countries • Third-largest global player • Low, medium and high-rise • Capitalize on re-branding • Paul Davis Restoration • Strive for above average condominiums, co-op’s alignment and increase brand internal growth across all customer experience and employee engagement across all than $2.8 million at the end of 2013. That translates into a 20% (company-owned and affiliates) based on revenues • CertaPro Painters awareness divisions divisions. annualized return over an 18-year period. • Large-scale and lifestyle • 211 company-owned offices in • Fastest growing based on • California Closets 35 countries revenue growth homeowner associations • Build market share by improving • Pursue strategic acquisitions service excellence and employee • College Pro Painters to accelerate growth • Colliers International, one of the leading global players in commercial We are proud of our long-term track record and remain confident • 95% of managed portfolio is We have focused our efforts on • 9,500 professionals, 2,900 • Ranked #2 of the top 25 engagement real estate, increased its revenue and EBITDA by 14% and 47%, that by maintaining our proven business model – the “FirstService brokers commercial real estate brands owner-occupied • Pillar to Post Home Inspectors • Strategically add company- respectively, while increasing its EBITDA margins by 210 basis Way” – we will continue to deliver strong returns to our shareholders. by The Lipsey Company • Add value and reduce costs for owned operations • Commercial property • Floorcoverings International • 42,100 lease/sale transactions, clients through differentiated points to almost 9% – closing in on our stated goal of 10%. We have focused our efforts on the real estate services sector association management $53 billion in total transaction • Founding global partner of the services • BrandPoint Services the real estate services sector because it has massive growth opportunities. We can grow by value World Green Building Council & • A key achievement during the year was the addition of Colliers increasing market share, expanding operations in existing and Regenerative Network • Expand the geographic footprint • 1.0+ billion square feet new markets and adding services – and we can do all of that on 6,500 Properties Under through selective acquisitions International-Germany, a market leader in Europe’s strongest managed • ers Ranked in top 20 global play Management market with significant operations in Munich, Stuttgart, Berlin, a global scale. Equally important, we can continue to increase by International Association of • Enhance operational efficiency Frankfurt and Dusseldorf. our profits by leveraging our growing scale. The bottom line: Outsourcing professionals for 7 • 1.5+ million residential units through increased economies of because of its massive growth FirstService is better positioned today than at any other time Growth Strategy straight years managed scale and centralized back office • Here are just a few of the numerous awards and distinctions in its history to deliver value to our shareholders. • Expand market share in major • Ranked as #1 commercial • 100 offices across North Colliers International earned during the year: markets real estate firm in Canada, America On behalf of the Board, I would like to thank all of our business Australia, Latin America • Broaden service offerings • 85% recurring revenues opportunities. • 3rd largest global player based on revenues leaders, partners and associates for their inspired and enterprising and Poland based on market • Further increase average share • 95% contract retention rate • 2nd most recognized real estate brand in the world by work over the past year. Together we will continue to build on our revenue per professional The Lipsey Company for the 9th consecutive year strong foundation and market leadership in the years ahead. • Continue to increase EBITDA • One of the fastest-growing major commercial real estate margins companies based on revenue growth John B. Friedrichsen Jay S. Hennick D. Scott Patterson CFO Founder & CEO COO • Ranked as one of the top 20 global outsourcing firms by the Jay S. Hennick International Association of Outsourcing Professionals Founder & Chief Executive Officer www.FirstService.com

FS-AR2013-8panel Gatefold-EXTERIOR8-COMP1.indd 2 14-03-05 3:20 PM

$2.8M+

$100K Invested in 1995 is now 20% CAGR $100K worth $2.8M+ $100K worth $2.8M+ 1995 2013 1995 2013 Revenues (US$ millions) Adjusted EBITDA (US$ millions) Revenues (US$ millions) Adjusted EBITDA (US$ millions) 2,344 185 2,110 2,344 185 2,110 152 1,852 152 1,617 1,852 1,617 115 1,379 115 1,379 93 93 62 62

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) 1.9 1.8 1.8 1.9 2.15 1.8 1.8 1.4 1.64 1.4 1.64 1.2 1.04 1.04 0.60 0.76 0.60 0.76

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Founder & CEO’s Message Revenue by Geography Revenue by Geography Revenue by Geography Revenue by Geography

2013 was a year of success and accomplishment for • Ranked #1 real estate firm in Canada, Australia, Latin America, Asia, China and Singapore by Euromoney United United FirstService. Each of our service lines contributed % StatesUnited % StatesUnited 59% States 59% States strong results both strategically and operationally. • Ranked #4 real estate advisors in Europe by Euromoney 59 59 for the first time. Canada Canada In residential property management, we took the bold step of 15% Canada 15% Canada • FirstService Residential, North America’s largest manager of 15% 15% rebranding to FirstService Residential, opening a new chapter low, medium and high-rise condominiums, co-op’s and other Australia/ in the story of North America’s largest manager of residential Australia/ residential communities, increased revenue by 9% with profits 10% Europe Colliers International is a global leader 10in commercial% New real Zealand estate, FirstService Residential is North America’s largest manager of FirstService Brands is one of North America’s largest providers of communities. We sold Field Asset Services, a business that 10% Europe 10% New Zealand down slightly because of the re-branding and other related offering comprehensive commercial property services to investors, residential communities. It manages more than 6,500 properties essential property services delivered through individually branded provided us with very strong cash flows and earnings during the costs incurring during the year. Australia/ property owners and tenants worldwide. More than 15,000 Colliers representing more than 1.5 million residential units and administers franchise systems and company-owned operations. With more than global financial crisis but no longer fit our strategy. We completed NewAustralia/ Zealand Asia 10% professionals in 485 offices worldwide are5 united% by a spirit of annual client expenditures of $6.5 billion annually. FirstService 1,800 franchisees and 9 company-owned operations, FirstService eleven acquisitions across all of our service lines, investing in 10% New Zealand 5% Asia • We welcomed Chuck Fallon as CEO of FirstService Residential. enterprise – they take initiative, think creatively, collaborate and Residential’s goal is to enhance the value of every property and Brands serviced more than 400,000 customers and generated in excess of $55 million. Chuck’s impressive track record in Fortune 500 companies and use their expertise to deliver outstanding business outcomes the lifestyle of every resident in the communities it manages. To excess of $1.1 billion in system-wide sales during 2013. FirstService % Asia % Europe his commitment to exceptional customer service is already 5% Asia through personal attention to client needs.10 2013% wasEurope the best year achieve this, FirstService Residential leverages its scale, expertise Brands’ business model leverages decentralized platform Corporately, we completed the private placement of $150 million 5 10 paying dividends, as we continue to expand our market leading in history for Colliers. Continued investment in the global platform and local knowledge to deliver exceptional customer service by management, while centralizing business and strategic planning, of 3.84% senior notes with a twelve-year term, and simplified our Latin Latin presence across North America. Latin enabled Colliers to create innovative and improved Latinservices for living its values: Being genuinely helpful, aiming high, owning it, brand development and the sharing of best practices. capital structure by eliminating the preferred shares and calling 1% America 1% America 1% America its clients, leading to record revenues and a1 significant% America increase doing what’s right, improving it and building great relationships. our debentures for early redemption. Our balance sheet at • FirstService Brands, one of North America’s largest providers of in average revenue per professional. year-end was as strong as it’s ever been with low leverage and property services, increased its revenue and EBITDA by 12% and This division also includes American Pool Enterprises, the largest ample liquidity to support continued growth. Finally, for the first 20%, respectively, driven by the outstanding efforts of its more commercial swimming pool and recreational facility management time in our history, we instituted a dividend on our common than 1,800 franchisees and 9 company-owned operations. operation in North America. shares. Paying a dividend creates a new source of income for our shareholders and also introduces FirstService to a new universe • As consumer spending increased during 2013 in areas such of dividend-oriented investors. as disaster restoration, painting, closet and storage systems, flooring and home inspections, FirstService Brands is uniquely Revenue EBITDA Revenue EBITDA Revenue EBITDA Here are some additional highlights from 2013: positioned to benefit, with seven well-known market leading • For the year, FirstService revenues increased 12% to $2.34 billion, brands serving customers across North America. EBITDA was up 22% to $185 million and EPS increased 31% to $1,319M $116M $884M $58M $140M $29M $2.15 per share. Since inception, our goal at FirstService has been to create value for our shareholders – one step at a time! Year after year, we have (including affiliates $2,100M) • Our shares increased in value by more than 52%, finishing followed a disciplined approach: carefully building operations, 2013 at US $43.05. seeking out new growth opportunities and prudently deploying capital – all with a focus on delivering high rates of return for Recognized Leader With Global Institutional Reputation Largest Player In North Growth Strategy FirstService Brands Growth Strategy Coverage America • FirstService invested further in the Net Promoter® System to shareholders. And the result speaks for itself: a $100,000 expand and enhance our ability to measure and improve our investment in the shares of FirstService in 1995 is worth more • 485 offices in 63 countries • Third-largest global player • Low, medium and high-rise • Capitalize on re-branding • Paul Davis Restoration • Strive for above average condominiums, co-op’s alignment and increase brand internal growth across all customer experience and employee engagement across all than $2.8 million at the end of 2013. That translates into a 20% (company-owned and affiliates) based on revenues • CertaPro Painters awareness divisions divisions. annualized return over an 18-year period. • Large-scale and lifestyle • 211 company-owned offices in • Fastest growing based on • California Closets 35 countries revenue growth homeowner associations • Build market share by improving • Pursue strategic acquisitions service excellence and employee • College Pro Painters to accelerate growth • Colliers International, one of the leading global players in commercial We are proud of our long-term track record and remain confident • 95% of managed portfolio is We have focused our efforts on • 9,500 professionals, 2,900 • Ranked #2 of the top 25 engagement real estate, increased its revenue and EBITDA by 14% and 47%, that by maintaining our proven business model – the “FirstService brokers commercial real estate brands owner-occupied • Pillar to Post Home Inspectors • Strategically add company- respectively, while increasing its EBITDA margins by 210 basis Way” – we will continue to deliver strong returns to our shareholders. by The Lipsey Company • Add value and reduce costs for owned operations • Commercial property • Floorcoverings International • 42,100 lease/sale transactions, clients through differentiated points to almost 9% – closing in on our stated goal of 10%. We have focused our efforts on the real estate services sector association management $53 billion in total transaction • Founding global partner of the services • BrandPoint Services the real estate services sector because it has massive growth opportunities. We can grow by value World Green Building Council & • A key achievement during the year was the addition of Colliers increasing market share, expanding operations in existing and Regenerative Network • Expand the geographic footprint • 1.0+ billion square feet new markets and adding services – and we can do all of that on 6,500 Properties Under through selective acquisitions International-Germany, a market leader in Europe’s strongest managed • ers Ranked in top 20 global play Management market with significant operations in Munich, Stuttgart, Berlin, a global scale. Equally important, we can continue to increase by International Association of • Enhance operational efficiency Frankfurt and Dusseldorf. our profits by leveraging our growing scale. The bottom line: Outsourcing professionals for 7 • 1.5+ million residential units through increased economies of because of its massive growth FirstService is better positioned today than at any other time Growth Strategy straight years managed scale and centralized back office • Here are just a few of the numerous awards and distinctions in its history to deliver value to our shareholders. • Expand market share in major • Ranked as #1 commercial • 100 offices across North Colliers International earned during the year: markets real estate firm in Canada, America On behalf of the Board, I would like to thank all of our business Australia, Latin America • Broaden service offerings • 85% recurring revenues opportunities. • 3rd largest global player based on revenues leaders, partners and associates for their inspired and enterprising and Poland based on market • Further increase average share • 95% contract retention rate • 2nd most recognized real estate brand in the world by work over the past year. Together we will continue to build on our revenue per professional The Lipsey Company for the 9th consecutive year strong foundation and market leadership in the years ahead. • Continue to increase EBITDA • One of the fastest-growing major commercial real estate margins companies based on revenue growth John B. Friedrichsen Jay S. Hennick D. Scott Patterson CFO Founder & CEO COO • Ranked as one of the top 20 global outsourcing firms by the Jay S. Hennick International Association of Outsourcing Professionals Founder & Chief Executive Officer www.FirstService.com

FS-AR2013-8panel Gatefold-EXTERIOR8-COMP1.indd 2 14-03-05 3:20 PM

$2.8M+

$100K Invested in 1995 is now 20% CAGR $100K worth $2.8M+ $100K worth $2.8M+ 1995 2013 1995 2013 Revenues (US$ millions) Adjusted EBITDA (US$ millions) Revenues (US$ millions) Adjusted EBITDA (US$ millions) 2,344 185 2,110 2,344 185 2,110 152 1,852 152 1,617 1,852 1,617 115 1,379 115 1,379 93 93 62 62

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) 1.9 1.8 1.8 1.9 2.15 1.8 1.8 1.4 1.64 1.4 1.64 1.2 1.04 1.04 0.60 0.76 0.60 0.76

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Founder & CEO’s Message Revenue by Geography Revenue by Geography Revenue by Geography Revenue by Geography

2013 was a year of success and accomplishment for • Ranked #1 real estate firm in Canada, Australia, Latin America, Asia, China and Singapore by Euromoney United United FirstService. Each of our service lines contributed % StatesUnited % StatesUnited 59% States 59% States strong results both strategically and operationally. • Ranked #4 real estate advisors in Europe by Euromoney 59 59 for the first time. Canada Canada In residential property management, we took the bold step of 15% Canada 15% Canada • FirstService Residential, North America’s largest manager of 15% 15% rebranding to FirstService Residential, opening a new chapter low, medium and high-rise condominiums, co-op’s and other Australia/ in the story of North America’s largest manager of residential Australia/ residential communities, increased revenue by 9% with profits 10% Europe Colliers International is a global leader 10in commercial% New real Zealand estate, FirstService Residential is North America’s largest manager of FirstService Brands is one of North America’s largest providers of communities. We sold Field Asset Services, a business that 10% Europe 10% New Zealand down slightly because of the re-branding and other related offering comprehensive commercial property services to investors, residential communities. It manages more than 6,500 properties essential property services delivered through individually branded provided us with very strong cash flows and earnings during the costs incurring during the year. Australia/ property owners and tenants worldwide. More than 15,000 Colliers representing more than 1.5 million residential units and administers franchise systems and company-owned operations. With more than global financial crisis but no longer fit our strategy. We completed NewAustralia/ Zealand Asia 10% professionals in 485 offices worldwide are5 united% by a spirit of annual client expenditures of $6.5 billion annually. FirstService 1,800 franchisees and 9 company-owned operations, FirstService eleven acquisitions across all of our service lines, investing in 10% New Zealand 5% Asia • We welcomed Chuck Fallon as CEO of FirstService Residential. enterprise – they take initiative, think creatively, collaborate and Residential’s goal is to enhance the value of every property and Brands serviced more than 400,000 customers and generated in excess of $55 million. Chuck’s impressive track record in Fortune 500 companies and use their expertise to deliver outstanding business outcomes the lifestyle of every resident in the communities it manages. To excess of $1.1 billion in system-wide sales during 2013. FirstService % Asia % Europe his commitment to exceptional customer service is already 5% Asia through personal attention to client needs.10 2013% wasEurope the best year achieve this, FirstService Residential leverages its scale, expertise Brands’ business model leverages decentralized platform Corporately, we completed the private placement of $150 million 5 10 paying dividends, as we continue to expand our market leading in history for Colliers. Continued investment in the global platform and local knowledge to deliver exceptional customer service by management, while centralizing business and strategic planning, of 3.84% senior notes with a twelve-year term, and simplified our Latin Latin presence across North America. Latin enabled Colliers to create innovative and improved Latinservices for living its values: Being genuinely helpful, aiming high, owning it, brand development and the sharing of best practices. capital structure by eliminating the preferred shares and calling 1% America 1% America 1% America its clients, leading to record revenues and a1 significant% America increase doing what’s right, improving it and building great relationships. our debentures for early redemption. Our balance sheet at • FirstService Brands, one of North America’s largest providers of in average revenue per professional. year-end was as strong as it’s ever been with low leverage and property services, increased its revenue and EBITDA by 12% and This division also includes American Pool Enterprises, the largest ample liquidity to support continued growth. Finally, for the first 20%, respectively, driven by the outstanding efforts of its more commercial swimming pool and recreational facility management time in our history, we instituted a dividend on our common than 1,800 franchisees and 9 company-owned operations. operation in North America. shares. Paying a dividend creates a new source of income for our shareholders and also introduces FirstService to a new universe • As consumer spending increased during 2013 in areas such of dividend-oriented investors. as disaster restoration, painting, closet and storage systems, flooring and home inspections, FirstService Brands is uniquely Revenue EBITDA Revenue EBITDA Revenue EBITDA Here are some additional highlights from 2013: positioned to benefit, with seven well-known market leading • For the year, FirstService revenues increased 12% to $2.34 billion, brands serving customers across North America. EBITDA was up 22% to $185 million and EPS increased 31% to $1,319M $116M $884M $58M $140M $29M $2.15 per share. Since inception, our goal at FirstService has been to create value for our shareholders – one step at a time! Year after year, we have (including affiliates $2,100M) • Our shares increased in value by more than 52%, finishing followed a disciplined approach: carefully building operations, 2013 at US $43.05. seeking out new growth opportunities and prudently deploying capital – all with a focus on delivering high rates of return for Recognized Leader With Global Institutional Reputation Largest Player In North Growth Strategy FirstService Brands Growth Strategy Coverage America • FirstService invested further in the Net Promoter® System to shareholders. And the result speaks for itself: a $100,000 expand and enhance our ability to measure and improve our investment in the shares of FirstService in 1995 is worth more • 485 offices in 63 countries • Third-largest global player • Low, medium and high-rise • Capitalize on re-branding • Paul Davis Restoration • Strive for above average condominiums, co-op’s alignment and increase brand internal growth across all customer experience and employee engagement across all than $2.8 million at the end of 2013. That translates into a 20% (company-owned and affiliates) based on revenues • CertaPro Painters awareness divisions divisions. annualized return over an 18-year period. • Large-scale and lifestyle • 211 company-owned offices in • Fastest growing based on • California Closets 35 countries revenue growth homeowner associations • Build market share by improving • Pursue strategic acquisitions service excellence and employee • College Pro Painters to accelerate growth • Colliers International, one of the leading global players in commercial We are proud of our long-term track record and remain confident • 95% of managed portfolio is We have focused our efforts on • 9,500 professionals, 2,900 • Ranked #2 of the top 25 engagement real estate, increased its revenue and EBITDA by 14% and 47%, that by maintaining our proven business model – the “FirstService brokers commercial real estate brands owner-occupied • Pillar to Post Home Inspectors • Strategically add company- respectively, while increasing its EBITDA margins by 210 basis Way” – we will continue to deliver strong returns to our shareholders. by The Lipsey Company • Add value and reduce costs for owned operations • Commercial property • Floorcoverings International • 42,100 lease/sale transactions, clients through differentiated points to almost 9% – closing in on our stated goal of 10%. We have focused our efforts on the real estate services sector association management $53 billion in total transaction • Founding global partner of the services • BrandPoint Services the real estate services sector because it has massive growth opportunities. We can grow by value World Green Building Council & • A key achievement during the year was the addition of Colliers increasing market share, expanding operations in existing and Regenerative Network • Expand the geographic footprint • 1.0+ billion square feet new markets and adding services – and we can do all of that on 6,500 Properties Under through selective acquisitions International-Germany, a market leader in Europe’s strongest managed • ers Ranked in top 20 global play Management market with significant operations in Munich, Stuttgart, Berlin, a global scale. Equally important, we can continue to increase by International Association of • Enhance operational efficiency Frankfurt and Dusseldorf. our profits by leveraging our growing scale. The bottom line: Outsourcing professionals for 7 • 1.5+ million residential units through increased economies of because of its massive growth FirstService is better positioned today than at any other time Growth Strategy straight years managed scale and centralized back office • Here are just a few of the numerous awards and distinctions in its history to deliver value to our shareholders. • Expand market share in major • Ranked as #1 commercial • 100 offices across North Colliers International earned during the year: markets real estate firm in Canada, America On behalf of the Board, I would like to thank all of our business Australia, Latin America • Broaden service offerings • 85% recurring revenues opportunities. • 3rd largest global player based on revenues leaders, partners and associates for their inspired and enterprising and Poland based on market • Further increase average share • 95% contract retention rate • 2nd most recognized real estate brand in the world by work over the past year. Together we will continue to build on our revenue per professional The Lipsey Company for the 9th consecutive year strong foundation and market leadership in the years ahead. • Continue to increase EBITDA • One of the fastest-growing major commercial real estate margins companies based on revenue growth John B. Friedrichsen Jay S. Hennick D. Scott Patterson CFO Founder & CEO COO • Ranked as one of the top 20 global outsourcing firms by the Jay S. Hennick International Association of Outsourcing Professionals Founder & Chief Executive Officer www.FirstService.com

FS-AR2013-8panel Gatefold-EXTERIOR8-COMP1.indd 2 14-03-05 3:20 PM

$2.8M+

$100K Invested in 1995 is now 20% CAGR $100K worth $2.8M+ $100K worth $2.8M+ 1995 2013 1995 2013 Revenues (US$ millions) Adjusted EBITDA (US$ millions) 2,344 185 2,110 1,852 152 1,617 1,379 115 93 62

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Adjusted EPS (US$) Financial Leverage (Expressed in terms of net debt/EBITDA) 1.9 2.15 1.8 1.8 1.4 1.64 1.2

1.04 0.60 0.76

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Revenue by Geography Revenue by Geography

United United 59% States 59% States

15% Canada 15% Canada

Australia/ 10% Europe 10% New Zealand

Australia/ 10% New Zealand 5% Asia

5% Asia 10% Europe

Latin Latin 1% America 1% America

Financial Highlights About FirstService Corporation

FirstService Corporation is a global leader in the rapidly growing FirstService generates more than US$2.3 billion in annual real estate services sector, one of the largest markets in the revenues and has more than 24,000 employees worldwide. With RevenuesRevenues (US$ millions) (US$ millions) AdjustedAdjusted EBITDA EBITDA (US$ millions) (US$ millions) world. FirstService manages more than 2.5 billion square feet of significant insider ownership and an experienced management residential and commercial properties through its three industry- team, FirstService has a long-term track record of creating value 2,3442,344 185 185 leading service platforms: and superior returns for shareholders since becoming a publically 2,110 2,110 listed company in 1993. The common shares of FirstService 1,852 1,852 152 152 • Colliers International – one of the largest global players in trade on the NASDAQ under the symbol “FSRV” and on the Toronto 1,617 1,617 commercial real estate services; 1,379 1,379 115 115 Stock Exchange under the symbol “FSV”. More information is 93 93 • FirstService Residential – North America’s largest manager available at www.firstservice.com. 62 62 of residential communities; and • FirstService Brands – one of North America’s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations. 20092009 2010 20102011 20112012 20122013 2013 20092009 2010 20102011 20112012 20122013 2013

AdjustedAdjusted EPS (US$) EPS (US$) FinancialFinancial Leverage Leverage (Expressed (Expressed in terms of in net terms debt/EBITDA) of net debt/EBITDA) 1.9 1.9 Why Invest in FirstService? $2.8M+ 2.15 2.15 1.8 1.8 1.8 1.8 1.4 1.4 1.64 1.64 1.2 1.2 $100K Invested 1.04 1.04 Corporate Information 0.60 0.600.76 0.76 in 1995 is now 20% CAGR Head Office, Canada 1140 Bay Street, Suite 4000 $100K Toronto, Ontario worth $2.8M+ 1995 2013 20092009 2010 20102011 20112012 20122013 2013 20092009 2010 20102011 20112012 20122013 2013 M5S 2B4 Phone: 416.960.9500 Leader in Global Real Estate Services Proven Business Model • $2.3+ billion in revenues across three real estate (US$ thousands, except per share amounts) Year ended December 31 Head Office, United States • Essential services with highly recurring revenue streams services platforms 2013 2012 2011 2010 2009 1815 Griffin Road • Partnership philosophy aligns business leaders with Dania Beach, Florida • Real estate is one of the world’s largest markets creating shareholders Operations 33004 multiple growth opportunities Revenues $ 2,343,634 $ 2,110,466 $ 1,851,968 $ 1,617,300 $ 1,378,519 • Differentiated services drive internal growth complemented Operating earnings 90,234 80,348 56,217 46,731 (16,966) • Market leading brands, including Colliers International and by strategic acquisitions to expand service platforms Net earnings (loss) from continuing operations 47,640 42,217 76,925 17,477 (40,386) FirstService Residential Net (loss) earnings from discontinued operations (5,997) (1,328) 22,878 24,979 23,677 Registrar and Transfer Agent • Proven 18-year track record of performance in building Net earnings (loss) 41,643 40,889 99,803 42,456 (16,709) Canada - TMX Equity Transfer Services Strong Cash Flow & Balance Sheet shareholder value • Strong cash flows, low CAPEX and highly variable costs Financial Position Phone: 416.361.0930

Total assets $ 1,443,511 $ 1,317,910 $ 1,233,718 $ 1,129,541 $ 1,009,530 E-mail: [email protected] • Quarterly dividends paid on common shares Long-term debt 372,794 337,205 316,415 240,740 235,994 Three Engines for Diversified Growth Convertible debentures - 77,000 77,000 77,000 77,000 • Low leverage U.S. co-transfer agent - Registrar and • Colliers International, one of the largest global players in Shareholders’ equity 249,049 244,153 246,522 201,331 166,034 • Ample capital and liquidity to finance growth initiatives Transfer Company commercial real estate services Earnings Data • FirstService Residential, North America’s largest manager 1 Phone: 1.800.368.5948 Adjusted EBITDA $ 185,461 $ 152,263 $ 115,317 $ 92,942 $ 61,646 of residential communities Successful Track Record and Stable, Adjusted EPS2 2.15 1.64 1.04 0.76 0.60 E-mail: [email protected] Diluted net (loss) earnings per common share • FirstService Brands, one of North America’s largest Committed Executive Team from continuing operations (0.46) (0.08) 1.35 (0.71) (2.67) providers of essential property services through individually • $l00,000 invested in 1995 is worth $2.8+ million today Diluted weighted average Stock Exchange Listing branded franchise systems and company-owned operations common shares outstanding (thousands) 33,262 30,376 30,551 30,367 29,516 • 20% CAGR over l8 years Cash dividends per commom share $ 0.20 $ - $ - $ - $ - NASDAQ Global Select Market – FSRV • Significant insider ownership, and xecutivee and operating Toronto Stock Exchange – FSV World Leader in Property team tenure Preferred Share Data Management Number outstanding (thousands) - 5,231 5,623 5,772 5,772 FirstService common shares are included 2013 Cash dividends per preferred share $ 0.4375 $ 1.75 $ 1.75 $ 1.75 1.75 Annual Report in the S&P/TSX Composite Dividend Index • 45% of revenue from management contracts Summary Notes • 2.5+ billion square feet of residential and commercial property 1. Adjusted EBITDA is defined as net earnings from continuing operations before income tax, interest, depreciation, amortization, goodwill impairment charges, other (income) under management expense, acquisition-related items, stock-based compensation expense, cost containment expense and reorganization charges. 2. Adjusted earnings per common share is defined as diluted net (loss) earnings per common share from continuing operations, adjusted for the effect, after income tax, of • $7.5 billion of expenditures administered annually at managed non-controlling interest redemption increment, amortization, goodwill impairment charges, acquisition-related items, stock-based compensation expense, cost containment expense, reorganization charges and deferred income tax asset valuation allowances. www.FirstService.com properties

RevenueRevenue by Geography by Geography RevenueRevenue by Geography by Geography

United United United United 59%59States% States 59%59States% States

15%15Canada% Canada 15%15Canada% Canada

Australia/Australia/ 10%10Europe% Europe 10%10New% ZealandNew Zealand

Australia/Australia/ 10%10New% ZealandNew Zealand 5%5Asia% Asia

5%5Asia% Asia 10%10Europe% Europe

Latin Latin Latin Latin 1%1America% America 1%1America% America

$2.8M+$2.8M+

$100K$100K Invested Invested in 1995in 1995 is now is now 20%20% CAGR CAGR worthworth $2.8M+ $2.8M+ $100K$100K 1995 1995 2013 2013