Financial Highlights First Service Colliers

Earnings and Financials

1. Amounts shown for 2011-2014 reflect pre spin-off balances.
2. Financial leverage of Colliers, expressed in terms of net debt / EBITDA.
3. Adjusted EBITDA is defined as net earnings from continuing operations before income tax, interest, depreciation, amortization, other (income) expense, acquisition-related items, spin-off related costs and stock-based compensation expense.
4. Adjusted EPS is defined as diluted net earnings (loss) per common share from continuing operations, adjusted for the effect, after income tax, of non-controlling interest redemption increment, amortization, acquisition-related items, spin-off related costs, stock-based compensation expense and deferred income tax asset valuation allowances.