Annual Report 2021In 2021, we delivered very strong results with Capital Markets, Leasing and Outsourcing & Advisory up significantly across all service lines and geographies, while Investment Management delivered record results, raised more than $6 billion in capital, and finished under the year with more than $50 billion in as: management, With a global and highly diversified business model and sharp focus on growing existing operations and increasing recurring revenues, Colliers is stronger and more resilient than ever. Last year, we set bold targets with the launch of our five- year Enterprise '25 growth strategy. Between 2020 and 2025, we aim to more than double our proftabilty nich end At Colliers, we are enterprising. As leaders in diversified professional services and investment management, we have a proud history of seizing opportunities to drive growth. at least 65% of earnings coming from recurring revenues by the end of 2 plan and expect to continue aur momentum by focusing on the strategy six key pillars: 5, We finished the first year ahead of Bulld scale Strategically acquire Expand client relationships Make culture count ‘Amplify our brand Innovate with technology We are proud of our long and successful record of performance, Over the past 27 years, we have delivered 20% annualized growth in share value to our shareholders, we are able to achieve our Enterprise "25 targets, it will again be very good news for shareholders.s continues to focus that build augment le, expertise Once completed, our in antic infrastructure investment Fs another group of highly the utility, ransportatio ith the ther quisit nounced fear, we expect AUM to our Invest ment Manageme’ Recognizing the importance appoint Elias Mular til and Zachary These app smplishments, pre lership med Poonam Puri to our ind guide our enduring strength 00 people growth in the future being and thi nybrid and remote F their des ment in Basalt In strategic acquisitions, Jnose unique mix of skil eric, and public pol ing internal growth with smart and expand our service lin structure, a leading management firm, will offer our tment product of Milan-b: d an incremental $ e both tra were proud t Michaud as Co:Chief Im intments are a testament to Elias and Zach's perience, and bi bard of Directors, Poonam Is acquired through leadership roles will continued growth, 5 from our enterprising culture and /oridwide who bring their nmitted to attracting, developing, fe continued to safeguard their health Record operating results Ce ago ead eer eat ee nd CE Su Been Se cd 1an $6 billion of new Bee ee MCLs Reet rae eae aces highly differentiated group of Tee ed + Agreed to acquire Milan-based firm ee cee a to further expand Colliers Global eee ct Cre) Outsourcing & Advisory Pe ee ea ea Cee eect pete eee eee) eee Ree cu ean eee aS across the globe COTE eeu g Se eer origination and mortgage servicingie) ur Future ‘As the pandemic and climate change continue to highlight the significance of topics including environmental protection, equality, and we took important steps to deepen our commitment to environment, social, and governance (ESG) initiatives. We released Colliers’ first-ever Impact Report and Elevate the Bult Environment, our new strategic framework designed to embed ESG best practices across the organization. We proudly committed to setting a science-based target through the Science Based Targets initiative’s (SBTi) Business Ambition for 1.5°C program as well as achieving Net Zero for our own operations by 2030. In addition, as a leading diversified professional services and investment management firm, Colliers. will develop and deliver a Net Zero program to help building owners, investors, and occupiers reduce or eliminate their building-related emissions. We welcomed Sean Drygas as Global Lead, Impact & ESG to partner with our regional teams to set and work toward meeting additional targets, which will be published in the 2021 Impact Report. We also continue to prioritize investments in technology that enable our people to provide the best service, expertise, and advice to our clients, In 2021, we formalized a Global Innovation team to bring our proven, disciplined investment approach to technology and ide y scalable solutions that address high-priority business needs. Our suite of solutions, technology partnerships, and ongoing work with Colliers Proptech Accelerator companies = sore of which have shown strong growth, are just a few ‘examples of our strategy in action. As one of the top global players in real estate and real assets, with a highly respected global brand and platform, we continue to “own the blue” and fortify our market leadership. The launch of our updated brand visual identity, last year further propelled our industry leadership and drove consistency and collaboration across borders. Finally, we increased our semi-annual dividend for the first time since 2016 to reflect the confidence we have in the future of our business, our strong cash flows, and our growing proportion of recurring revenue streams.Colliers is better positioned today, than at any other time in our history, to continue creating value and generating Ref aglac aaa ole shareholders. Before closing, | would like to acknowledge the retirement of, John Friedrichsen, one of my closest allies during his 23 years of service with Colliers and before that, FirstService. | want to ‘hank him once again for his tireless efforts, dedication, and support in helping to build both companies into true market, eaders, John played a critical role in helping us create massive shareholder value. strength, and the ultimate culture ys been a pillar of Jam incredibly pr. 1 achievements this past year and ‘thankful to our inspiring leaders and professionals for thelr enterprising spirit and dedication, As we pursue our growth ind exciting opportunities for all of highly respected, targets, we cre management company that will grow from strength to strength in the years to come. If) ek, CM man and Chief ExeWhy invest in Colliers? + 27-year record of delivering 20% CAGR in total shareholder return Experienced team with + Enterprise'25 growth strategy with ambitious targets to double profitability proven track record with at least 65% of earnings coming from recurring revenues + More than $2 billion invested in 90 strategic acquisitions over 17 years, + Unie enterprising cuture strats andreas he ies care profess ercerpisingcature prising culture | ership piosophy and growth inset atl lvl + More than 20% inside ownership aligns leadership with shareholders + Globally balanced and highly diversified service lines provide stability Diversified and {and growth opportunities recurring essential services create resilience | * 50% of earnings generated from recurring services augmented by essential Leasing and Capital Markets services + Strong operating cash flow, modest CAPEX Assetlight «Modest leverage, strong balance sheet provides ample capacity to grow business model proven record of disciplined capital allocation focused on strategic fit ‘and return on invested capital + $370+ billion global market for real estate and investment services Compelling growth + Massive opportunity to increase market share, consolidate and add prospects, industry services in a highly fragmented, growing and global industry dynamics + Increasing trends toward greater institutional real estate investment and outsourcing of related services Ts\ Ww “ A ! } Anna CountresWe Asset Under Leasersale squsre Revenue Operate ln Management Transsctans Managed Professionals $4.1B 62 $51B 53,000 2B 17,000 Satire fr 202 ann US dolar Nunerfcuris rues aes anetteFinancial Highlights s4o09 sate 285 aw su 2.85 $8) Sat sn 28 16 ee a ee er) non Revenues Us$ milons Adjusted EBITDA Uss millions $6.18 sr 109 $418 me 0) am Adjusted EPS uss ‘Operations Revenues 9129 «$2,785857 «$3,085,811 $2,825.27 —_—$2,435,200, Operating eamings (ss) (31509) 164,578 218,197, 201,398 167,376 Net earrings ss)” (237577 94489, 137.585 12874 94078 Financial Postion Totaassets $3873730 — 3292,167 $2,892,714 2387580 $1,507,560 Longserm aebt* 531054 473,395 ert4od e213, 249893, Financ leverage® 03 10 14 16 06 Shareholders equity 268 586,109 517299 391973 303.014 Earnings Data ‘Aojusted EBITDA $544,338 s3si,aa2 s355476 $1135 Sanat Dilted net earrings loss) per common share (59.03) 12 237 2a sat Acjusted EPS 618 as 467 409 316 Dilsted weighed average common shares ‘outstanding erovsonds)| 42920 40.78 33,981 39,795 39,308 {Cash dvderds per commen share 020 010 010 010 010 Srl scent fag Terie fudge eis and eree rcalleegcxresed ners gtr ces ash rg (Wath te Companys Chima BO, nase BDA ‘aged ESTOA scenes ne ezine eae es, gs abu aegis aqusiin aes utes Seek bseongesonemene an sein TK "ouata Ps scent sed enn remanence fanaa tere een nee vhs ui ee ese as, sete cen xs greet enn piestnabe maraeDre ees aE eae coe a Roars EGE s We are tre through the addition of forming our business ble and model cleU dala) eee all Me) ame global scale, strong acquisition ial laray and enterprising corporate culture. We are building for our future, and yours. Outsourcing & Advisory Recurring, contractual and long-duration revenue streams stemming from Property and Project Management, Valuation i significant investments around the globe to furthe ‘our offerings and expand into new service lines that provide high-quality, essential services, Investment Management coll manager delivering superior risk adjusted returns to our investors. ‘Our Investment Management platform includes a leading direct real estate and real asset investment h $51 billion ina ets under management, Harrison Street, a leading alternative asset manager, vely focused on demographic-based investing that generates top-tier r _ turns, and Colliers Glo concentrated on institutional quality real a ope Leasing and Capital Markets Leasing and Capital Markets services are fundamental to our business and essential to our clients. We provide leasing and tra vices for commercial real estate boratively with our Outsourcing & Advisory and nvestment Management service lines to help eaNotice of eee Colliers Veet Sete EGtE eges Pe ean ee oe ete a Global Head office eae Toronto, Ontario, Canada Peceiey Deed Registrar & Transfer Agent Sater eee eee tc eae Neko eee eeec] Some Scere ee neces Bree ec ee Twitter @Colliers or Linkedin. iy About Colliers Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company, With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real Cee een eee oP ee ee ee ees ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.1 billion and more than $50 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people eee erases