6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of: February 2021
Commission File Number: 001-36898

COLLIERS INTERNATIONAL GROUP INC.
(Translation of registrant's name into English)

1140 Bay Street, Suite 4000
Toronto, Ontario, Canada
M5S 2B4
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [   ]

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes [  ]                                                    No [X]

If “Yes” is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b):  N/A

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COLLIERS INTERNATIONAL GROUP INC.
Date: February 11, 2021	/s/ Christian Mayer
	Name: Christian Mayer
	Title: Chief Financial Officer

EXHIBIT INDEX 

Exhibit	Description of Exhibit
99.1	Press release dated February 11, 2021 announcing financial results for the fourth quarter and year ended December 31, 2020.
99.2	Supplemental slide presentation dated February 11, 2021.

EX-99.1

EXHIBIT 99.1

Colliers Reports Better Than Anticipated Fourth Quarter and Full Year Results

Majority of revenues from higher margin recurring services

Operating highlights:

	Three months ended				Twelve months ended
	December 31				December 31
(in millions of US$, except EPS)	2020		2019		2020		2019
Revenues	$	913.7	$	928.3	$	2,786.9	$	3,045.8
Adjusted EBITDA (note 1)		154.9		144.3		361.4		359.5
Adjusted EPS (note 2)		1.79		2.01		4.18		4.67
GAAP operating earnings		79.4		99.4		164.6		218.2
GAAP EPS		0.80		1.20		1.22		2.57

TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ and TSX: CIGI) today announced operating and financial results for the quarter and full year ended December 31, 2020. All amounts are in US dollars.

For the fourth quarter ended December 31, 2020, revenues were $913.7 million, down 2% (4% in local currency) relative to the same quarter in the prior year, adjusted EBITDA (note 1) was $154.9 million, up 7% (4% in local currency) and adjusted EPS (note 2) was $1.79, down 11% versus the prior year period. Fourth quarter adjusted EPS would have been approximately $0.07 lower excluding foreign exchange impacts. GAAP operating earnings were $79.4 million, relative to $99.4 million in the prior year quarter. GAAP diluted net earnings per share were $0.80 relative to $1.20 in the prior year quarter. Fourth quarter GAAP EPS would have been approximately $0.07 lower excluding changes in foreign exchange rates.

For the full year ended December 31, 2020, revenues were $2.79 billion, down 9% (9% in local currency) relative to the same period in the prior year, adjusted EBITDA (note 1) was $361.4 million, up 1% (flat in local currency) versus prior year and adjusted EPS (note 2) was $4.18, down 10% versus prior year. Full year adjusted EPS would have been approximately $0.04 lower excluding foreign exchange impacts. GAAP operating earnings were $164.6 million, relative to $218.2 million in 2019. GAAP diluted earnings per share were $1.22 per share, relative to $2.57 in the prior year period. Full year GAAP EPS would have been approximately $0.04 lower excluding changes in foreign exchange rates.

“Colliers delivered better than anticipated financial results for our fourth quarter and full year 2020, despite the ongoing impact of the global pandemic. The strong finish is a testament to our unique enterprising culture and the steps taken over the past few years to transform Colliers into a more balanced and resilient professional services and investment management company. The majority of our revenues and more than 60% of our Adjusted EBITDA now come from high quality recurring services with the balance coming from transactional services,” said Jay S. Hennick, Global Chairman and CEO of Colliers.

“During 2020, despite many challenges, we continued to invest with a long-term perspective adding Colliers Mortgage and Colliers Engineering & Design, two new platforms that performed better than expected and offer additional growth opportunities in the future. After year end, we also formally launched our new visual identity designed for today’s evolving digital era, a natural evolution of the iconic Colliers brand and reaffirming our commitment to accelerating success for our clients and our people, as we lead our company and industry into the future. With our proven track record of more than 25 years, strong balance sheet, unique enterprising culture and significant inside ownership, we are confident that Colliers will emerge from this pandemic stronger and more balanced than ever,” he concluded.

About Colliers International Group Inc.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Consolidated Revenues by Line of Service

	Three months ended						Twelve months ended
(in thousands of US$)	December 31				Change	Change	December 31				Change	Change
(LC = local currency)	2020		2019		in US$ %	in LC%	2020		2019		in US$ %	in LC%
Outsourcing & Advisory	$	377,191	$	331,152	14%	12%	$	1,226,877	$	1,148,915	7%	7%
Investment Management (1)		43,676		44,722	-2%	-3%		172,594		174,588	-1%	-1%
Leasing		215,516		292,489	-26%	-29%		686,482		946,399	-27%	-28%
Capital Markets		277,333		259,925	7%	4%		700,904		775,909	-10%	-10%
Total revenues	$	913,716	$	928,288	-2%	-4%	$	2,786,857	$	3,045,811	-9%	-9%
(1) Investment Management local currency revenues, excluding pass-through carried interest, were up 4% and 8% for the three months and year ended December 31, 2020, respectively.

Consolidated revenues for the fourth quarter declined 4% on a local currency basis, driven by pandemic-related declines primarily in Leasing activity. Consolidated internal revenues measured in local currencies were down 15% (note 3).

For the year ended December 31, 2020, consolidated revenues declined 9% on a local currency basis, with the impact of the pandemic beginning in March 2020. Full year consolidated internal revenues measured in local currencies were down 16% (note 3).

Segmented Fourth Quarter Results
Revenues in the Americas region totalled $524.9 million for the fourth quarter, up 8% (8% in local currency) versus $486.0 million in the prior year quarter. Revenue growth was driven by recent acquisitions with modest internal revenue growth in Outsourcing & Advisory and Capital Markets, partially offset by lower Leasing revenues. Adjusted EBITDA was $70.3 million, up 40% from $50.2 million in the prior year quarter, which includes the impact of recent acquisitions and measures implemented to manage operating costs. GAAP operating earnings were $54.8 million, relative to $35.5 million in the prior year quarter.

Revenues in the EMEA region totalled $182.5 million for the fourth quarter compared to $225.6 million in the prior year quarter, down 19% (24% in local currency) with declines attributable to the pandemic experienced across all service lines. Adjusted EBITDA was $35.6 million, versus $51.2 million in the prior year. GAAP operating earnings were $26.4 million compared to $42.7 million in the fourth quarter of 2019.

Revenues in the Asia Pacific region totalled $162.6 million for the fourth quarter compared to $171.7 million in the prior year quarter, down 5% (11% in local currency) on a pandemic-related decline in transactional businesses partially offset by growth in the Outsourcing & Advisory service line. Adjusted EBITDA was $36.0 million as compared to $32.5 million in the prior year quarter. GAAP operating earnings were $30.4 million, versus $28.1 million in the prior year quarter.

Investment Management revenues for the fourth quarter were $43.7 million compared to $44.7 million in the prior year quarter. No pass-through revenue from historical carried interest was recognized in the fourth quarter, versus $3.1 million in the prior year quarter. Excluding the impact of pass-through revenue, revenues were up 5% (4% in local currency) and were positively impacted by strong growth in both open and closed-end funds series. Adjusted EBITDA was $18.4 million, up 12% relative to $16.5 million in the prior year quarter. GAAP operating earnings were $10.4 million in the quarter, versus $9.9 million in the prior year quarter. Assets under management were $39.5 billion at December 31, 2020, up 9% from $36.2 billion at September 30, 2020 and up 20%, a significant increase from $32.9 billion at December 31, 2019.

Unallocated global corporate costs as reported in Adjusted EBITDA were $5.4 million in the fourth quarter, relative to $6.0 million in the prior year quarter. The corporate GAAP operating loss for the quarter was $42.5 million, relative to $16.6 million in the fourth quarter of 2019 attributable to an increase in the fair value of contingent acquisition consideration on strong operating performance of recently acquired businesses.

Segmented Full Year Results
Revenues in the Americas region totalled $1.63 billion for the full year compared to $1.69 billion in the prior year, down 4% (3% in local currency). The decline was primarily attributable to lower Leasing activity due to the pandemic which was partly offset by contributions from recent acquisitions. Adjusted EBITDA was $180.4 million, up 19% from $151.3 million in the prior year and included the impact of (i) recent acquisitions of Colliers Mortgage and Colliers Engineering & Design and (ii) measures implemented to manage operating costs as a result of the pandemic. GAAP operating earnings were $121.4 million, versus $103.7 million in 2019.

EMEA region revenues totalled $516.5 million for the year compared to $636.5 million in the prior year, down 19% (20% in local currency) on lower activity attributable to the pandemic across all service lines. Adjusted EBITDA was $45.9 million, versus $80.3 million in the prior year. GAAP operating earnings were $8.3 million as compared to $48.5 million in 2019.

Asia Pacific region revenues totalled $470.6 million for the year compared to $542.6 million in the prior year, down 13% (15% in local currency) primarily on lower Leasing and Capital Markets activity due to the pandemic, partially offset by a small increase in Outsourcing & Advisory revenues. Adjusted EBITDA was $66.3 million, versus $76.2 million in the prior year. GAAP operating earnings were $45.2 million, versus $67.1 million in the prior year.

Investment Management revenues were $172.6 million compared to $174.6 million in the prior year. Pass-through revenue from historical carried interest represented $4.2 million in the current year, versus $19.2 million in the prior year. Excluding the impact of pass-through revenue, revenues were up 8% (8% in local currency) and were positively impacted by strong fundraising in closed end funds and growth in open-end funds. Adjusted EBITDA was $69.5 million relative to $61.9 million in the prior year. GAAP operating earnings were $40.7 million, versus $35.0 million in 2019.

Unallocated global corporate costs as reported in Adjusted EBITDA were $0.7 million in 2020, relative to $10.3 million in the prior year with the change attributable to lower compensation and variable expenses. The corporate GAAP operating loss was $51.1 million, relative to $36.2 million in 2019 attributable to an increase in the fair value of contingent acquisition consideration based on strong operating performance of recently acquired businesses.

2021 Outlook
The impact of the COVID-19 pandemic is expected to subside over the course of 2021, although the timing and extent remain uncertain. Transactional revenues are anticipated to rebound in the second half of the year, while Outsourcing & Advisory and Investment Management revenues are expected to remain resilient throughout the year. The outlook for the full year 2021 (relative to 2020), including the full year impact of acquisitions completed during 2020, is as follows:

	Full Year 2021 Outlook
Revenue	+10% to +25%
Adjusted EBITDA	+10% to +25%

This outlook is based on the Company’s best available information as of the date of this press release and remains subject to change based on numerous macroeconomic, health, social, geo-political and related factors.

During 2020, the Company took significant measures to maintain business continuity across all service lines, including steps to optimize the level of all critical functions across our business. Expenses incurred in connection with these adjustments are recorded as restructuring costs (note 1) and were primarily severance related. The Company may take further cost management measures in future quarters.

The Company also received wage subsidies totalling $10.9 million during the fourth quarter ($34.8 million for the full year) from governments in several countries. These subsidies were recorded in earnings as an offset to employment costs. The Company may receive further government wage subsidies in future quarters.

Conference Call
Colliers will be holding a conference call on Thursday, February 11, 2021 at 11:00 a.m. Eastern Time to discuss the quarter’s results. The call, as well as a supplemental slide presentation, will be simultaneously web cast and can be accessed live or after the call at corporate.colliers.com in the Events section.

Forward-looking Statements
This press release includes or may include forward-looking statements. Forward-looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and consumer spending, particularly in regions where our business may be concentrated; commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in average capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect revenues and operating performance; competition in the markets served by the Company; the ability to attract new clients and to retain major clients and renew related contracts; the ability to retain and incentivize producers; increases in wage and benefit costs; the effects of changes in interest rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers’ compensation and health care; changes in the frequency or severity of insurance incidents relative to historical experience; the effects of changes in foreign exchange rates in relation to the US dollar on the Company’s Canadian dollar, Euro, Australian dollar and UK pound sterling denominated revenues and expenses; the impact of pandemics on client demand for the Company’s services, the ability of the Company to deliver its services and the health and productivity of its employees; the impact of political events including elections, referenda, trade policy changes, immigration policy changes, hostilities and terrorism on the Company’s operations; the ability to identify and make acquisitions at reasonable prices and successfully integrate acquired operations; the ability to execute on, and adapt to, information technology strategies and trends; the ability to comply with laws and regulations related to our global operations, including real estate and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions; and changes in government laws and policies at the federal, state/provincial or local level that may adversely impact the business.

Additional information and risk factors are identified in the Company’s other periodic filings with Canadian and US securities regulators (which factors are adopted herein and a copy of which can be obtained at www.sedar.com). Forward looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Summary financial information is provided in this press release. This press release should be read in conjunction with the Company's annual consolidated financial statements and MD&A to be made available on SEDAR at www.sedar.com.

Notes
1. Reconciliation of net earnings to adjusted EBITDA:

Adjusted EBITDA is defined as net earnings, adjusted to exclude: (i) income tax; (ii) other expense (income) other than equity earnings from non-consolidated investments; (iii) interest expense; (iv) depreciation and amortization, including amortization of mortgage servicing rights (“MSRs”); (v) gains attributable to MSRs; (vi) acquisition-related items (including transaction costs, contingent acquisition consideration fair value adjustments and contingent acquisition consideration-related compensation expense); (vii) restructuring costs and (viii) stock-based compensation expense. We use adjusted EBITDA to evaluate our own operating performance and our ability to service debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction with discounted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. We present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of the Company’s service operations. We believe this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted EBITDA appears below.

	Three months ended						Twelve months ended
(in thousands of US$)	December 31						December 31
	2020			2019			2020			2019
Net earnings	$	49,568		$	67,877		$	94,489		$	137,585
Income tax		22,980			25,742			42,046			53,013
Other income, net		(1,427	)		(868	)		(2,906	)		(1,853	)
Interest expense, net		8,322			6,677			30,949			29,452
Operating earnings		79,443			99,428			164,578			218,197
Depreciation and amortization		38,795			25,382			125,906			94,664
Gains attributable to MSRs		(9,668	)		-			(17,065	)		-
Equity earnings from non-consolidated investments		1,468			-			2,919			-
Acquisition-related items		34,349			9,767			45,848			28,532
Restructuring costs		6,947			7,110			29,628			10,252
Stock-based compensation expense		3,572			2,633			9,628			7,831
Adjusted EBITDA	$	154,906		$	144,320		$	361,442		$	359,476

2. Reconciliation of net earnings and diluted net earnings per common share to adjusted net earnings and adjusted EPS:

Adjusted EPS is defined as diluted net earnings per share as calculated under the If-Converted method, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) amortization expense related to intangible assets recognized in connection with acquisitions and MSRs; (iii) gains attributable to MSRs; (iv) acquisition-related items; (v) restructuring costs and (vi) stock-based compensation expense. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share from continuing operations, as determined in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net earnings per share to adjusted EPS appears below.

Adjusted EPS is calculated using the “if-converted” method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest (net of tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no assumption of conversion. The “if-converted” method is used if the impact of the assumed conversion is dilutive. For the year ended December 31, 2020, the “if-converted” method is anti-dilutive for the GAAP diluted EPS calculation but dilutive for the adjusted EPS calculation

	Three months ended						Twelve months ended
(in thousands of US$)	December 31						December 31
	2020			2019			2020			2019
Net earnings	$	49,568		$	67,877		$	94,489		$	137,585
Non-controlling interest share of earnings		(15,666	)		(12,930	)		(29,572	)		(26,829	)
Interest on Convertible Notes		2,300			-			5,673			-
Amortization of intangible assets		27,544			16,437			86,557			61,273
Gains attributable to MSRs		(9,668	)		-			(17,065	)		-
Acquisition-related items		34,349			9,767			45,848			28,532
Restructuring costs		6,947			7,110			29,628			10,252
Stock-based compensation expense		3,572			2,633			9,628			7,831
Income tax on adjustments		(15,115	)		(7,493	)		(35,350	)		(22,232	)
Non-controlling interest on adjustments		(4,257	)		(2,769	)		(11,479	)		(9,868	)
Adjusted net earnings	$	79,574		$	80,632		$	178,357		$	186,544
	Three months ended						Twelve months ended
(in US$)	December 31						December 31
	2020			2019			2020			2019
Diluted net earnings per common share	$	0.80		$	1.20		$	1.25		$	2.57
Non-controlling interest redemption increment		0.01			0.17			0.37			0.20
Amortization expense, net of tax		0.35			0.25			1.23			0.93
Gains attributable to MSRs, net of tax		(0.09	)		-			(0.22	)		-
Acquisition-related items		0.53			0.19			0.82			0.58
Restructuring costs, net of tax		0.12			0.13			0.51			0.19
Stock-based compensation expense, net of tax		0.07			0.07			0.22			0.20
Adjusted EPS	$	1.79		$	2.01		$	4.18		$	4.67
Diluted weighted average shares for Adjusted EPS (thousands)		44,365			40,109			42,647			39,980

3. Local currency revenue growth rate and internal revenue growth rate measures

Percentage revenue variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Percentage revenue variances presented on an internal growth basis are calculated assuming no impact from acquired entities in the current and prior periods. Revenue from acquired entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions. We believe that these revenue growth rate methodologies provide a framework for assessing the Company’s performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers.

4. Assets under management

We use the term assets under management (“AUM”) as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the projected gross cost of development properties of the funds, partnerships and accounts to which we provide management and advisory services, including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other issuers.

COLLIERS INTERNATIONAL GROUP INC.
Condensed Consolidated Statements of Earnings
(in thousands of US$, except per share amounts)
				Three months						Twelve months
				ended December 31						ended December 31
(unaudited)				2020			2019			2020			2019
Revenues			$	913,716		$	928,288		$	2,786,857		$	3,045,811
Cost of revenues				543,124			576,609			1,740,860			1,959,544
Selling, general and administrative expenses				218,005			217,102			709,665			744,874
Depreciation				11,251			8,945			39,349			33,391
Amortization of intangible assets				27,544			16,437			86,557			61,273
Acquisition-related items (1)				34,349			9,767			45,848			28,532
Operating earnings				79,443			99,428			164,578			218,197
Interest expense, net				8,322			6,677			30,949			29,452
Equity earnings from unconsolidated investments				(1,468	)		(845	)		(2,919	)		(2,065	)
Other income				41			(23	)		13			212
Earnings before income tax				72,548			93,619			136,535			190,598
Income tax				22,980			25,742			42,046			53,013
Net earnings				49,568			67,877			94,489			137,585
Non-controlling interest share of earnings				15,666			12,930			29,572			26,829
Non-controlling interest redemption increment				270			6,934			15,843			7,853
Net earnings attributable to Company			$	33,632		$	48,013		$	49,074		$	102,903
Net earnings per common share
	Basic
			$	0.84		$	1.21		$	1.23		$	2.60
	Diluted (2)
			$	0.80		$	1.20		$	1.22		$	2.57
Adjusted EPS (3)			$	1.79		$	2.01		$	4.18		$	4.67
Weighted average common shares (thousands)
		Basic		40,111			39,754			39,986			39,550
		Diluted		44,365			40,109			40,179			39,980

Notes to Condensed Consolidated Statements of Earnings
(1)	Acquisition-related items include contingent acquisition consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs.
(2)	Diluted EPS is calculated using the “if-converted” method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest (net of tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no assumption of conversion. The “if-converted” method is used if the impact of the assumed conversion is dilutive. For the three-month period and year ended December 30, 2020, the interest (net of tax) on the Convertible Notes was $1,691 and $4,170, respectively. The “if-converted” method is dilutive for the three-month period ended December 31, 2020 and anti-dilutive for the year ended December 31, 2020.
(3)	See definition and reconciliation above.

Condensed Consolidated Balance Sheets
(in thousands of US$)
(unaudited)		December 31, 2020		December 31, 2019
Assets
Cash and cash equivalents		$	156,614	$	114,993
Restricted cash (1)			20,919		-
Accounts receivable and contract assets			433,250		436,717
Warehouse receivables (2)			232,207		-
Prepaids and other assets			192,821		155,606
Real estate assets held for sale			-		10,741
	Current assets		1,035,811		718,057
Other non-current assets			94,679		92,350
Fixed assets			129,221		107,197
Operating lease right-of-use assets			288,134		263,639
Deferred tax assets, net			45,008		37,420
Goodwill and intangible assets			1,699,314		1,426,675
Real estate assets held for sale			-		247,376
	Total assets	$	3,292,167	$	2,892,714
Liabilities and shareholders' equity
Accounts payable and accrued liabilities		$	748,660	$	757,284
Other current liabilities			53,661		56,702
Long-term debt - current			9,024		4,223
Warehouse credit facilities (2)			218,018		-
Operating lease liabilities - current			78,923		69,866
Liabilities related to real estate assets held for sale			-		36,191
	Current liabilities		1,108,286		924,266
Long-term debt - non-current			470,871		607,181
Operating lease liabilities - non-current			251,680		229,224
Other liabilities			158,366		99,873
Deferred tax liabilities, net			50,523		28,018
Convertible notes			223,957		-
Liabilities related to real estate assets held for sale			-		127,703
Redeemable non-controlling interests			442,375		359,150
Shareholders' equity			586,109		517,299
	Total liabilities and equity	$	3,292,167	$	2,892,714
Supplemental balance sheet information
Total debt (3)		$	479,895	$	611,404
Total debt, net of cash (3)			323,281		496,411
Net debt / pro forma adjusted EBITDA ratio (4)			1.0		1.4

Note to Condensed Consolidated Balance Sheets
(1)	Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business, primarily Colliers Mortgage.
(2)	Warehouse receivables represent mortgage loans receivable, the majority of which are offset by borrowings under warehouse credit facilities which fund loans that financial institutions have committed to purchase.
(3)	Excluding warehouse credit facilities and convertible notes.
(4)	Net debt for financial leverage ratio excludes restricted cash, warehouse credit facilities and convertible notes, in accordance with debt agreements.

Condensed Consolidated Statements of Cash Flows
(in thousands of US$)
			Three months ended						Twelve months ended
			December 31						December 31
(unaudited)			2020			2019			2020			2019
Cash provided by (used in)
Operating activities
Net earnings		$	49,568		$	67,877		$	94,488		$	137,585
Items not affecting cash:
	Depreciation and amortization		38,795			25,382			125,906			94,664
	Gains attributable to mortgage servicing rights		(9,668	)		-			(17,065	)		-
	Gains attributable to the fair value of loan
	premiums and origination fees		(22,418	)		-			(38,531	)		-
	Deferred income tax		3,790			3,286			(13,184	)		(6,699	)
	Other		43,214			16,020			80,497			57,520
			103,281			112,565			232,111			283,070
(Increase) decrease in accounts receivable, prepaid
	expenses and other assets		(31,683	)		(89,503	)		49,039			(89,235	)
(Decrease) increase in accounts payable, accrued
	expenses and other liabilities		(73,645	)		36,564			(13,901	)		(15,692	)
(Decrease) increase in accrued compensation			67,780			123,895			(78,591	)		16,580
Contingent acquisition consideration paid			(2,540	)		(3,216	)		(18,224	)		(8,928	)
Proceeds from sale of mortgage loans			744,907			-			1,226,041			-
Origination of mortgage loans			(769,532	)		-			(1,395,734	)		-
Increase in warehouse credit facilities			36,802			-			193,168			-
Sale proceeds from AR Facility, net of repurchases			(13,141	)		7,268			(27,431	)		124,963
Net cash provided by operating activities			62,229			187,573			166,478			310,758
Investing activities
Acquisition of businesses, net of cash acquired			(1,692	)		(56,899	)		(205,608	)		(80,576	)
Purchases of fixed assets			(10,823	)		(12,888	)		(40,353	)		(44,197	)
Purchase of held for sale real estate assets			(38,464	)		(94,223	)		(84,382	)		(94,223	)
Proceeds from sale of held for sale real estate assets			84,382			-			178,604			-
Cash collections on AR facility deferred purchase price			13,862			12,936			51,994			28,100
Other investing activities			(12,573	)		(7,459	)		(13,713	)		(27,372	)
Net cash used in investing activities			34,692			(158,533	)		(113,458	)		(218,268	)
Financing activities
(Decrease) increase in long-term debt, net			(181,192	)		(10,612	)		(163,064	)		(59,312	)
Issuance of convertible notes			-			-			230,000			-
Purchases of non-controlling interests, net of sales			(813	)		(652	)		(19,791	)		(11,480	)
Dividends paid to common shareholders			-			-			(3,992	)		(3,940	)
Distributions paid to non-controlling interests			(6,636	)		(4,007	)		(35,698	)		(31,858	)
Other financing activities			4,581			(1,173	)		(6,406	)		5,602
Net cash provided by (used in) financing activities			(184,060	)		(16,444	)		1,049			(100,988	)
Effect of exchange rate changes on cash			16,939			721			8,471			(3,541	)
Increase (Decrease) in cash and cash
	equivalents and restricted cash		(70,200	)		13,317			62,540			(12,039	)
Cash and cash equivalents and
	restricted cash, beginning of period		247,733			101,676			114,993			127,032
Cash and cash equivalents and
	restricted cash, end of period	$	177,533		$	114,993		$	177,533		$	114,993

Segmented Results
(in thousands of US dollars)
						Asia		Investment
(unaudited)		Americas		EMEA		Pacific		Management		Corporate			Consolidated
Three months ended December 31
2020
	Revenues	$	524,860	$	182,461	$	162,616	$	43,676	$	103		$	913,716
	Adjusted EBITDA		70,267		35,599		36,034		18,425		(5,419	)		154,906
	Operating earnings (loss)		54,834		26,407		30,354		10,391		(42,543	)		79,443
2019
	Revenues	$	486,038	$	225,589	$	171,681	$	44,722	$	258		$	928,288
	Adjusted EBITDA		50,170		51,163		32,495		16,509		(6,017	)		144,320
	Operating earnings (loss)		35,453		42,682		28,066		9,867		(16,641	)		99,427
						Asia		Investment
		Americas		EMEA		Pacific		Management		Corporate			Consolidated
Twelve months ended December 31
2020
	Revenues	$	1,626,372	$	516,507	$	470,632	$	172,594	$	752		$	2,786,857
	Adjusted EBITDA		180,427		45,934		66,292		69,488		(699	)		361,442
	Operating earnings		121,371		8,336		45,221		40,738		(51,088	)		164,578
2019
	Revenues	$	1,690,507	$	636,466	$	542,609	$	174,588	$	1,641		$	3,045,811
	Adjusted EBITDA		151,347		80,342		76,209		61,907		(10,329	)		359,476
	Operating earnings		103,731		48,510		67,062		35,048		(36,154	)		218,197

COMPANY CONTACTS:

Jay S. Hennick
Chairman & Chief Executive Officer

John B. Friedrichsen
Chief Operating Officer 

Christian Mayer
Chief Financial Officer 

(416) 960-9500

EX-99.2

Exhibit 99.2

February 11, 2021 Colliers International Group Inc. Fourth Quarter 2020 Financial Results $FFHOHUDWLQJVXFFHVV 

This presentation includes or may include forward - looking statements. Forward - looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown r isk s, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the for ward - looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and business spending; c omm ercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; the effects of changes in foreign e xch ange rates in relation to the US dollar on Canadian dollar, Australian dollar, UK pound sterling and Euro denominated revenues and expenses; competition in markets serv ed by the Company; labor shortages or increases in commission, wage and benefit costs; impact of pandemics on client demand, ability to deliver services and ensure th e health and productivity of employees; disruptions or security failures in information technology systems; a change in or loss of our relationship with US governmen t a gencies, such as Fannie Mae or Ginnie Mae could significantly impact our ability to originate mortgage loans; a default on loans originated under the Fannie Mae Delega ted Underwriting and Servicing DUS Program could materially affect our profitability as we are subject to sharing up to one - third of incurred losses; the effect of increas es in interest rates on our cost of borrowing and political conditions or events, including elections, referenda, changes to international trade and immigration policies and a ny outbreak or escalation of terrorism or hostilities. Additional factors and explanatory information are identified in the Company’s Annual Information Form for the year ended Dec emb er 31, 2020 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com) and other periodic filings w ith Canadian and US securities regulators. Forward looking statements contained in this presentation are made as of the date hereof and are subject to change. All forwa rd - looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publ icl y update or revise any forward - looking statement, whether as a result of new information, future events or otherwise. Non - GAAP measures This presentation makes reference to the non - GAAP measures Adjusted EBITDA (AEBITDA) and Adjusted EPS (AEPS). Please refer to A ppendix for reconciliations to GAAP measures. Forward - Looking Statements Colliers 2

Resilience during the pandemic Better than anticipated fourth quarter and full year 2020 financial results, despite the ongoing impact of the pandemic Majority of revenues and Adjusted EBITDA generated from high quality recurring services Geographic diversification provides further resilience Other highlights New visual identity reaffirms our commitment to accelerating success of our clients and our people Fourth Quarter Highlights Colliers 3 2020 2019 Q4 Q4 USD LC (1) Revenue 913.7 928.3 -2% -4% Adjusted EBITDA 154.9 144.3 7% 4% Adjusted EBITDA Margin 17.0% 15.5% Adjusted EPS 1.79 2.01 -11% GAAP Operating Earnings 79.4 99.4 -20% GAAP Operating Earnings Margin 8.7% 10.7% GAAP EPS 0.80 1.20 -33% 2020 2019 Full Year Full Year USD LC (1) Revenue 2,786.9 3,045.8 -9% -9% Adjusted EBITDA 361.4 359.5 1% 0% Adjusted EBITDA Margin 13.0% 11.8% Adjusted EPS 4.18 4.67 -10% GAAP Operating Earnings 164.6 218.2 -25% GAAP Operating Earnings Margin 5.9% 7.2% GAAP EPS 1.22 2.57 -53% Three months ended December 31, 2020 %Change Year ended December 31, 2020 % Change (US$ millions, except per share amounts) (1) Local Currency

215.5 292.5 277.3 259.9 377.2 331.2 43.7 44.7 913.7 928.3 Q4 2020 Q4 2019 Fourth Quarter Consolidated Revenues Colliers 4 Outsourcing & Advisory Investment Management (1) Capital Markets Leasing (US$ millions) % Change over Q4 2019 USD LC Investment Management (1) -2% -3% Outsourcing & Advisory 14% 12% Capital Markets 7% 4% Leasing -26% -29% Total -2% -4% Revenue Mix Q4 2020 Q4 2019 Investment Management 5% 5% Outsourcing & Advisory 41% 36% Capital Markets 30% 28% Leasing 24% 31% Total 100% 100% (1) Investment Management LC revenue growth, excluding pass - through carried interest, was 4% Local currency Internal growth: - 15%

686.5 946.4 700.9 775.9 1,226.9 1,148.9 172.6 174.6 2,786.9 3,045.8 2020 2019 Colliers 5 % Change over 2019 USD LC Investment Management (1) -1% -1% Outsourcing & Advisory 7% 7% Capital Markets -10% -10% Leasing -27% -28% Total -9% -9% Revenue Mix 2020 2019 Investment Management 6% 6% Outsourcing & Advisory 44% 38% Capital Markets 25% 25% Leasing 25% 31% Total 100% 100% Full Year Consolidated Revenues (US$ millions) (1) Investment Management LC revenue growth, excluding pass - through carried interest, was 8% Outsourcing & Advisory Investment Management (1) Capital Markets Leasing Local currency Internal growth: - 16%

43% 39% 18% 61% Recurring 45% 24% 25% 6% Full Year Service Diversification Colliers 6 2020 Revenue By Service Line 2020 AEBITDA By Service Line Revenue and AEBITDA include the full year impact of acquisitions completed in 2020 Leasing Capital Markets & Leasing Outsourcing & Advisory Investment Management Capital Markets 51% Recurring

Americas 524.9 EMEA 182.5 Asia Pacific 162.6 Investment Management 43.7 57% 20% 18% 5% Americas 486.0 EMEA 225.6 Asia Pacific 171.7 Investment Management 44.7 52% 24% 19% 5% Americas 50.2 EMEA 51.2 Asia Pacific 32.5 Investment Management 16.5 33% 34% 22% 11% Americas 70.3 EMEA 35.6 Asia Pacific 36.0 Investment Management 18.4 44% 22% 22% 12% Fourth Quarter Geographic Mix (1) Q4 2020 GAAP Operating Earnings: $54.8M Americas, $26.4M EMEA, $30.4M Asia Pacific, $10.4M Investment Management (2) Q4 2019 GAAP Operating Earnings: $35.5M Americas, $42.7M EMEA, $28.1M Asia Pacific, $9.9M Investment Management Colliers 7 Q4 2020 Revenues Q4 2019 Revenues Q4 2020 AEBITDA Q4 2019 AEBITDA (US$ millions)

Revenue up 8% in local currency Revenue growth driven by recent acquisitions with modest internal revenue growth in Outsourcing & Advisory and Capital Markets Adjusted EBITDA increased by 40% and included the impact of recent acquisitions and measures implemented to manage operating costs Americas Colliers 8 GAAP Operating Earnings: Q4 2020 $54.8M at 10.4% margin; Q4 2019 $35.5M at 7.3% margin 135.0 203.6 184.2 125.8 205.7 156.6 524.9 486.0 Q4 2020 Q4 2019 70.3 50.2 13.4% 10.3% Q4 2020 Q4 2019 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth 8% 8% Outsourcing & Advisory Capital Markets Leasing

Revenue down 24% in local currency Declines experienced across all service lines attributable to the pandemic Margin impact mitigated by measures implemented to manage operating costs EMEA Colliers 9 GAAP Operating Earnings: Q4 2020 $26.4M at 14.5% margin; Q4 2019 $42.7M at 18.9% margin 43.8 51.5 53.9 79.4 84.8 94.7 182.5 225.6 Q4 2020 Q4 2019 35.6 51.2 19.5% 22.7% Q4 2020 Q4 2019 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth -19% -24% Outsourcing & Advisory Capital Markets Leasing

Revenue down 11% in local currency Pandemic - related decline in transactional businesses partially offset by growth in the Outsourcing & Advisory service line Margin increase from measures implemented to manage operating costs APAC Colliers 10 GAAP Operating Earnings: Q4 2020 $30.4M at 18.7% margin; Q4 2019 $28.1M at 16.3% margin 36.8 37.5 39.2 54.7 86.7 79.4 162.6 171.7 Q4 2020 Q4 2019 36.0 32.5 22.2% 18.9% Q4 2020 Q4 2019 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth -5% -11% Outsourcing & Advisory Capital Markets Leasing

18.4 16.5 42.2% 36.9% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 180.0% 200.0% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 Q4 2020 Q4 2019 Revenue up 4% in local currency, excluding pass - through historical carried interest Strong growth in both open and closed - end funds series AUM of $39.5 billion at December 31, 2020, up 9% from $36.2 billion at September 30, 2020 and up 20% from $32.9 billion at December 31, 2019 Investment Management Colliers 11 GAAP Operating Earnings: Q4 2020 $10.4M at 23.8% margin; Q4 2019 $9.9M at 22.1% margin 43.7 41.6 3.1 43.7 44.7 Q4 2020 Q4 2019 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth -2% -3% Revenue Growth 5% 4% Investment Management Pass - through carried interest (excluding pass - through carried interest)

(US$ millions) Capitalization & Capital Allocation (1) Net debt for financial leverage ratio excludes restricted cash, warehouse credit facilities and convertible notes, in acc ord ance with debt agreements (2) Includes business acquisitions, contingent acquisition consideration and purchases of non - controlling interests in subsidiar ies Colliers 12 Cash $ 156.6 $ 115.0 Total Debt 479.9 611.4 Net Debt $ 323.3 $ 496.4 Convertible Notes 224.0 0.0 Redeemable non-controlling interests 442.4 359.2 Shareholders' equity 586.1 517.3 Total capitalization $ 1,575.8 $ 1,372.9 Net debt / pro forma adjusted EBITDA - Leverage Ratio (1) 1.0x 1.4x Capital Expenditures $ 40.4 $ 44.2 Acquisition Spend (2) $ 242.8 $ 108.7 Twelve months ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Highlights • Net debt / pro forma adjusted EBITDA leverage of 1.0x at December 31, 2020 • Debt agreements permit a maximum leverage ratio of 3.5x • $777 million of unused credit under revolving credit facility maturing in April 2024 • May 2020 issuance of Convertible Notes further strengthened the balance sheet (considered equity for leverage ratio) • Anticipated capital expenditures of $65 - $75 million in 2021 driven by investments in office space and IT systems/software, including deferrals from 2020

(US$ millions) 2021 Outlook Colliers 13 • The impact of the COVID - 19 pandemic is expected to subside over the course of 2021, although the timing and extent remain uncertain • Transactional revenues are anticipated to rebound in the second half of the year, while Outsourcing & Advisory and Investment Management revenues are expected to remain resilient throughout the year • The outlook for the full year 2021 (relative to 2020), including the full year impact of acquisitions completed during 2020, is as follows: • This outlook is based on the Company’s best available information as of the date of this presentation and remains subject to change based on numerous macroeconomic, health, social, geo - political and related factors Full Year 2021 Outlook Revenue +10% to +25% Adjusted EBITDA +10% to +25%

Appendix Reconciliation of non - GAAP measures Colliers 14

Reconciliation of GAAP earnings to adjusted EBITDA Colliers 15 (US$ thousands) Net earnings $ 49,568 $ 67,877 $ 94,489 $ 137,585 Income tax 22,980 25,742 42,046 53,013 Other income, net (1,427) (868) (2,906) (1,853) Interest expense, net 8,322 6,677 30,949 29,452 Operating earnings 79,443 99,428 164,578 218,197 Depreciation and amortization 38,795 25,382 125,906 94,664 Gains attributable to MSRs (9,668) - (17,065) - Equity income from non-consolidated entites 1,468 - 2,919 - Acquisition-related items 34,349 9,767 45,848 28,532 Restructuring costs 6,947 7,110 29,628 10,252 Stock-based compensation expense 3,572 2,633 9,628 7,831 Adjusted EBITDA $ 154,906 $ 144,320 $ 361,442 $ 359,476 Three months ended Twelve months ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019

Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Colliers 16 (US$ thousands) Net earnings $ 49,568 $ 67,877 $ 94,489 $ 137,585 Non-controlling interest share of earnings (15,666) (12,930) (29,572) (26,829) Interest on Convertible Notes 2,300 - 5,673 - Amortization of intangible assets 27,544 16,437 86,557 61,273 Gains attributable to MSRs (9,668) - (17,065) - Acquisition-related items 34,349 9,767 45,848 28,532 Restructuring costs 6,947 7,110 29,628 10,252 Stock-based compensation expense 3,572 2,633 9,628 7,831 Income tax on adjustments (15,115) (7,493) (35,350) (22,232) Non-controlling interest on adjustments (4,257) (2,769) (11,479) (9,868) Adjusted net earnings $ 79,574 $ 80,632 $ 178,357 $ 186,544 (US$) Diluted net (loss) earnings per common share $ 0.80 $ 1.20 $ 1.25 $ 2.57 Non-controlling interest redemption increment 0.01 0.17 0.37 0.20 Amortization expense, net of tax 0.35 0.25 1.23 0.93 Gains attributable to MSRs, net of tax (0.09) - (0.22) - Acquisition-related items 0.53 0.19 0.82 0.58 Restructuring costs, net of tax 0.12 0.13 0.51 0.19 Stock-based compensation expense, net of tax 0.07 0.07 0.22 0.20 Adjusted EPS $ 1.79 $ 2.01 $ 4.18 $ 4.67 Diluted weighted average shares for Adjusted EPS (thousands) 44,365 40,109 42,647 39,980 Three months ended Twelve months ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Three months ended Twelve months ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019

Appendix Full year regional details Colliers 17

Full Year Geographic Mix Colliers 18 Americas 1,626.4 EMEA 516.5 Asia Pacific 470.6 Investment Management 172.6 58% 19% 17% 6% Americas 1,690.5 EMEA 636.5 Asia Pacific 542.6 Investment Management 174.6 55% 21% 18% 6% Americas 151.3 EMEA 80.3 Asia Pacific 76.2 Investment Management 61.9 41% 22% 20% 17% Americas 180.4 EMEA 45.9 Asia Pacific 66.3 Investment Management 69.5 50% 13% 18% 19% (1) 2020 GAAP Operating Earnings: $121.4M Americas, $8.4M EMEA, $45.2M Asia Pacific, $40.7M Investment Management (2) 2019 GAAP Operating Earnings: $103.7M Americas, $48.5M EMEA, $67.1M Asia Pacific, $35.0M Investment Management 2020 Revenues 2019 Revenues 2020 AEBITDA 2019 AEBITDA (US$ millions)

Revenue down 3% in local currency Lower Leasing revenues partially offset by contributions from recent acquisitions AEBITDA increased by 19% and included the impact of recent acquisitions and measures implemented to manage operating costs Americas Colliers 19 GAAP Operating Earnings: 2020 $121.4M at 7.5% margin; 2019 $103.7M at 6.1% margin 495.6 691.2 460.2 424.7 670.5 574.7 1,626.4 1,690.5 2020 2019 180.4 151.3 11.1% 9.0% 2020 2019 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth -4% -3% Outsourcing & Advisory Capital Markets Leasing

Revenue down 20% in local currency Lower activity across all service lines due to the impact of the pandemic Margin impact mitigated by measures implemented to manage operating costs EMEA Colliers 20 GAAP Operating Earnings: 2020 $8.4M at 1.6% margin; 2019 $48.5M at 7.6% margin 107.9 139.1 136.5 192.7 272.1 304.7 516.5 636.5 2020 2019 45.9 80.3 8.9% 12.6% 2020 2019 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth -19% -20% Outsourcing & Advisory Capital Markets Leasing

Revenue down 15% in local currency Pandemic - related decline in Capital Markets and Leasing activity Margin increase from measures implemented to manage operating costs in the early stages of the pandemic APAC Colliers 21 GAAP Operating Earnings: 2020 $45.2M at 9.6% margin; 2019 $67.1M at 12.4% margin 82.9 115.9 104.2 158.5 283.5 268.2 470.6 542.6 2020 2019 66.3 76.2 14.1% 14.0% 2020 2019 Revenue AEBITDA and Margin (US$ millions) (US$ millions) USD LC Revenue Growth -13% -15% Outsourcing & Advisory Capital Markets Leasing

69.5 61.9 40.3% 35.5% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 180.0% 200.0% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 2020 2019 168.4 155.4 4.2 19.2 172.6 174.6 2020 2019 Revenue up 8% in local currency, excluding pass - through historical carried interest Strong fundraising in closed end funds and growth in open - end funds Investment Management Colliers 22 GAAP Operating Earnings: 2020 $40.7M at 23.6% margin; 2019 $35.0M at 20.1% margin Revenue AEBITDA and Margin (US$ millions) (US$ millions) Investment Management Pass - through carried interest USD LC Revenue Growth -1% -1% Revenue Growth 8% 8% (excluding pass - through carried interest)

$FFHOHUDWLQJ

VXFFHVV  Colliers 23