AUGUST 2024

Investor Presentation
 Colliers 2

Basis of Presentation
• All amounts in millions of US Dollars unless otherwise noted. • Revenues and Adjusted EBITDA graphs and figures on slides 8-11 and slide 13 shown
on a pro forma trailing twelve months ended June 30, 2024 and include the full year
• This presentation makes reference to certain non-GAAP measures, including local impact of announced and completed acquisitions.
currency (“LC”) revenue growth rate, internal revenue growth rate, Adjusted EBITDA
(“AEBITDA”), Adjusted EBITDA from recurring revenue percentage, Adjusted EPS • Leverage ratio is expressed in terms of net debt, excluding restricted cash, convertible
(“AEPS”), assets under management (“AUM”), free cash flow and fee-paying assets notes and warehouse credit facilities to pro forma trailing twelve month Adjusted
under management (“FPAUM”). Please refer to Appendix for reconciliations to the most EBITDA, in accordance with debt agreements.
directly comparable GAAP measures.

• Total shareholder return CAGR computed after adjusting for dividends, splits and spin-
off from January 20, 1995 to August 8, 2024.

Forward-Looking Statements
Certain statements included herein constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risk factors are described in the
Company’s Annual Information Form and MD&A for the year ended December 31, 2023 under the heading “Risk Factors” (which factors are adopted herein, and which can be accessed
at www.sedar.com) and other periodic filings with 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 forward-looking statements in this presentation 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.

This presentation does not constitute an offer to sell or a solicitation of an offer to purchase an interest in any fund.
 Colliers 3

The World of Colliers

Global leader in diversified professional services and investment management

ANNUAL REVENUE PROFESSIONALS

$4.4B 22,000
COUNTRIES WE ASSETS UNDER
OPERATE IN* MANAGEMENT

68 $96B
* Includes affiliates
 Colliers 4

Investment Highlights
A History of Compounding

Proven track record Enterprising culture Compelling growth

~20% CAGR over 29 years ~30% inside ownership “The Colliers Way”

Global brand & platform Asset-light model High-value recurring services

Diversification brings balance Strong cash flow to reinvest in 70%+ of AEBITDA
and resilience growth
 Colliers 5

Successful Track Record

Global platform, massive markets, multiple growth engines

Historical Revenue Growth

(in US$ millions)

The Colliers Way $4,335

Internal Growth

• Decentralized business model

$289
• Partnership philosophy/owner mentality
• Massive, highly fragmented, global markets
2004 2023
• Multiple growth engines

Historical AEBITDA Growth

Acquisitions (in US$ millions)

• Target, acquire, integrate acquisitions

• More than $4.0B invested so far $595

• Historical record of 15%+ ROIC

$18
 Colliers 6

Delivered Significant Shareholder Value

Secret sauce is culture, partnership philosophy and 30% inside ownership

Total Shareholder Return

$1,000 invested in 1995 is
Has Outpaced the Market worth $154,000 today
15,297%

CIGI NASDAQ Composite

2,086%

Jan 1995
Jan-95 Jan-20 Aug 2024

Source: NASDAQ IR Insight

 Colliers 7

Redefining Professional Services

2024
Diversifying into higher value recurring services, creating new growth engines

Highly Differentiated Investment

Management Platform
AUM grown more than 40x since
2016 to ~$100B

2015 2016 2020

Top 3 Global Commercial Real
Estate Services Provider
The Colliers Way
Commercial
Real Estate
Services
Fastest growing
commercial real Top-Tier Engineering Firm
estate firm With recent Englobe acquisition, ranked
globally at spin-off among the top engineering firms globally
with 8,000+ employees
 Colliers 8

Geographic Diversification
Global scale brings stability, management depth and growth opportunity

TTM Q2 2024 Revenue by Geography TTM Q2 2024 AEBITDA by Geography

Englobe1
7%
55% 6%
Englobe1
7% 42%
13%

15%

10% 13% 32%

Americas EMEA

APAC Investment
Management

1 Transaction completed in July 2024

 Colliers 9

Service Line Diversification

Rapidly growing recurring revenues and AEBITDA

TTM Q2 2024 Revenue by Service TTM Q2 2024 AEBITDA by Service

Englobe1 Englobe1
7% 7%

33%

45% 23%
62% 72% 28%
Recurring Recurring

15%
10% 32%

Outsourcing & Advisory Leasing Leasing and Capital Markets

Investment Management Capital Markets

1 Transaction completed in July 2024

 Colliers 10

Commercial Real Estate Services

Multiple services Global platform with service line and asset diversification

Multiple, diverse
asset classes TTM Q2 2024 Real Estate TTM Q2 2024 Leasing and Capital Markets
Services Revenue Revenue by Asset Class

38%

Global scale 2%
37% 33%

17%
38%
Outsourcing
Strong, enduring
client relationships
24% 8%
19% 13%
5% 4%

High proportion of Property Management Leasing Office Industrial Retail

contractual revenue
Valuation and Advisory Capital Markets Multifamily Debt Finance Other

Loan Servicing
 Colliers 11

Engineering & Project Management

Infrastructure High value growth engine with recurring revenues
tailwinds

Global
opportunities
Multi-Disciplined Professional Services TTM Q2 2024 Revenues

• Industry leading revenue growth1 $1.3

• Highly fragmented, rapidly growing global sector
billion
Engineering & Design • Long-term, contractual relationships with
(with Englobe2)
(North America, public/private sector clients Investors
Australia) • Compliments traditional service offerings and clients Owners
• Leverage – Brand, Global Platform, Management Developers
Governments
Depth, Partnership Philosophy and The Colliers Way

Project Management
(Global)

1 EFCG Survey
2 Transaction completed in July 2024
 Colliers 12

Canadian Engineering – Englobe

A compelling strategic fit, establishing new growth market

Rare platform of scale in Canada Key Stats

• Multi-discipline engineering, environmental consulting &

inspection business 2023 Revenue
• Longstanding client relationships, public and private sectors $340 million
• Demonstrated track record of growth
• Committed and aligned management team
Cash Purchase Price
$475 million
Leverage Colliers leading brand in Canada

• Large addressable market with lots of white space

Employees
• Synergies with Colliers traditional business 2,800
• Compliments existing Canadian Project Management business
• Positioned to capture revenue from sector tailwinds (investments
in infrastructure and buildings, population growth, energy Offices
transition) 71
 Colliers 13

Investment Management
Highly differentiated growth engine

Percentage
of AEBITDA

Defensive & Differentiated Private Assets

CIGI
CIGI • Demographic, needs-based Real estate and real assets are

32%
• Middle-market infrastructure resilient through cycles with
• Core & opportunistic real estate and debt strong tailwinds

Global Peers Creating Value Partnership Philosophy

~5%
Best in class strategies with top-tier, Decentralized management structure
risk adjusted returns creates focus and alignment

Global Platform Permanent Capital Partner

Leverage global brand, platform and Colliers provides stability and capital
relationships to co-invest, seed new vehicles
 Colliers 14

Investment Management Highlights

Focus on long-duration, highly differentiated AUM

$50B 88%
Perpetual and
FPAUM
long-dated

$96B
AUM

73% 78%
Alternatives
North America
& infrastructure

Please refer to Appendix

 Colliers 15

Investment Strategies
Direct investments across multiple sectors

22% Alternatives
Education | Healthcare | Digital | Storage

Infrastructure
AUM by
51% Utility | Social | Transportation
Strategy Energy/Renewables | Communications

23%
Real Estate
Mixed-use | Multifamily | Office | Retail

4%
Credit

Please refer to Appendix

 Colliers 16

Compelling Growth Prospects

Large, highly fragmented global markets continue to fuel growth

RECENT ACQUISITIONS

Englobe July 2024

Top firms have
less than Colliers Philadelphia April 2024

20% HilgartWilson, LLC May 2023

market share
Massive consolidation potential
Craig & Rhodes Pty Limited May 2023

$430B+
Few with global platforms and
Greenstone Group Ltd. Apr 2023
brands

29-year proven track record

Total Market Size

Well positioned for future

Financial Overview
 Colliers 18

Strong Record of Performance

Revenue growth providing operating leverage

Revenue Adjusted EBITDA

(in US$ millions) (in US$ millions)

$631 $595 18.0%

$4,089
$4,459 $4,335
$600 $544
16.0%
$2,825 $3,046
$2,787 $359 $361
$400 14.0%
$311
14.1%
13.7% 12.0%
13.0% 13.3%
$200 11.8%
11.0%
10.0%
$0 8.0%
2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023

• Average annual internal growth 4% from 2018-2023 • 270 bps margin improvement since 2018
• Operating leverage from scale and acquisitions
 Colliers 19

Strong Record of Performance

Significant AEPS growth and free cash flow generation

Adjusted EPS Free Cash Flow

(in US$) (in US$ millions)

$6.99 $445
$6.18
$5.35
$4.67 $294
$4.09 $4.18 $272
$207
$161 $167

2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023

• Record of AEPS growth • Strong operating cash flow, low capex

• 2023 impacted by Capital Markets conditions globally and higher • Focused on reinvestment to support growth and diversification
interest costs
 Colliers 20

Balance Sheet
Conservative financial profile with ample liquidity

• Completed equity offering in February 2024, issuing 2.5 million shares for net proceeds of $287 million
• More than $1 billion of available liquidity as of June 30, 2024 to fund growth, including Englobe

Capitalization

(in US$ millions) Jun 30, 2024 Dec 31, 2023 Jun 30, 2023
Cash $ 162.6 $ 181.1 $ 172.4
Total Debt 1,363.9 1,502.6 1,668.4
Net Debt $ 1,201.2 $ 1,321.5 $ 1,496.1
Redeemable NCI 1,105.0 1,072.1 1,093.7
Shareholders’ equity 1,195.3 850.5 716.9
Total Capitalization $ 3,501.5 $ 3,244.1 $ 3,306.7

Leverage ratio 2.0x 2.2x 2.4x

 Colliers 21

Investment Highlights
A History of Compounding

Proven track record Enterprising culture Compelling growth

~20% CAGR over 29 years ~30% inside ownership “The Colliers Way”

Global brand & platform Asset-light model High-value recurring services

Diversification brings balance Strong cash flow to reinvest in 70%+ of AEBITDA
and resilience growth
Appendix
 Colliers 23

Reconciliation of GAAP earnings to

adjusted EBITDA

Three months ended Six months ended

(US$ thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Net earnings $ 71,927 $ 35,001 $ 86,063 $ 34,094
Income tax 24,377 16,477 34,347 20,016
Other income, including equity earnings from non-consolidated investments (932) (886) (1,583) (4,206)
Interest expense, net 19,376 24,670 39,248 47,502
Operating earnings 114,748 75,262 158,075 97,406
Loss on disposal of business operations - 2,282 - 2,282
Depreciation and amortization 49,845 50,794 100,353 100,286
Gains attributable to MSRs (3,712) (6,052) (5,027) (9,087)
Equity earnings from non-consolidated entites 796 532 1,232 3,686
Acquisition-related items (15,221) 11,668 (13,281) 38,136
Restructuring costs 1,722 7,038 8,833 7,781
Stock-based compensation expense 7,446 5,556 14,134 11,213
Adjusted EBITDA $ 155,624 $ 147,080 $ 264,319 $ 251,703
 Colliers 24

Reconciliation of GAAP earnings to adjusted

net earnings and adjusted earnings per share

Three months ended Six months ended

(US$ thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Net earnings $ 71,927 $ 35,001 $ 86,063 $ 34,094
Non-controlling interest share of earnings (11,224) (13,816) (20,145) (24,757)
Interest on Convertible Notes - 561 - 2,861
Loss on disposal of operations - 2,282 - 2,282
Amortization of intangible assets 34,385 37,330 69,471 74,173
Gains attributable to MSRs (3,712) (6,052) (5,027) (9,087)
Acquisition-related items (15,221) 11,668 (13,281) 38,136
Restructuring costs 1,722 7,038 8,833 7,781
Stock-based compensation expense 7,446 5,556 14,134 11,213
Income tax on adjustments (9,606) (11,845) (20,733) (23,193)
Non-controlling interest on adjustments (7,141) (5,773) (13,271) (10,926)
Adjusted net earnings $ 68,576 $ 61,950 $ 106,044 $ 102,577

Three months ended Six months ended

(US$) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Diluted net earnings (loss) per common share $ 0.73 $ (0.14) $ 0.99 $ (0.57)
Interest on Convertible Notes, net of tax - 0.01 - 0.04
Non-controlling interest redemption increment 0.48 0.59 0.33 0.77
Loss on disposal of operations - 0.05 - 0.05
Amortization expense, net of tax 0.41 0.49 0.88 0.97
Gains attributable to MSRs, net of tax (0.04) (0.07) (0.06) (0.11)
Acquisition-related items (0.36) 0.19 (0.37) 0.70
Restructuring costs, net of tax 0.02 0.11 0.14 0.12
Stock-based compensation expense, net of tax 0.12 0.08 0.22 0.19
Adjusted EPS $ 1.36 $ 1.31 $ 2.13 $ 2.16

Diluted weighted average shares for Adjusted EPS (thousands) 50,479 47,422 49,671 47,442
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 and fully converted or redeemed by June 1, 2023
 Colliers 25

Reconciliation of net cash flow

from operations to free cash flow

Three months ended Six months ended

(US$ thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Net cash provided by (used in) operating activities $ 141,189 $ 98,973 $ 3,574 $ (33,595)
Contingent acquisition consideration paid 300 2,719 3,038 2,991
Purchase of fixed assets (12,480) (22,179) (29,353) (41,062)
Cash collections on AR Facility deferred purchase price 34,930 28,539 68,848 59,311
Distributions paid to non-controlling interests (38,521) (40,059) (48,827) (51,120)
Free cash flow $ 125,418 $ 67,993 $ (2,720) $ (63,475)
 Colliers 26

Other Non-GAAP Measures

Local currency revenue and adjusted EBITDA growth rate Fee paying assets under management
and internal revenue growth rate measures We use the term fee paying assets under management (“FPAUM”) to represent only the
Percentage revenue and adjusted EBITDA variances presented on a local currency basis AUM on which the Company is entitled to receive management fees. We believe this
are calculated by translating the current period results of our non-US dollar measure is useful in providing additional insight into the capital base upon which the
denominated operations to US dollars using the foreign currency exchange rates from Company earns management fees. Our definition of FPAUM may differ from those
the periods against which the current period results are being compared. Percentage used by other issuers and as such may not be directly comparable to similar measures
revenue variances presented on an internal growth basis are calculated assuming no used by other issuers.
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 Recurring revenue percentage
rate methodologies provide a framework for assessing the Company’s performance Recurring revenue percentage is computed on a trailing twelve-month basis and
and operations excluding the effects of foreign currency exchange rate fluctuations and represents the proportion that is derived from Outsourcing & Advisory and Investment
acquisitions. Since these revenue growth rate measures are not calculated under GAAP, Management service lines. Both these service lines represent medium to long-term
they may not be comparable to similar measures used by other issuers. duration revenue streams that are either contractual or repeatable in nature. Revenue
for this purpose incorporates the expected full year impact of acquisitions and
dispositions.
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 Adjusted EBITDA from recurring revenue percentage
operating assets and the projected gross cost of development assets of the funds, Adjusted EBITDA from recurring for this revenue percentage is computed on a trailing
partnerships and accounts to which we provide management and advisory services, twelve-month basis and represents the proportion of adjusted EBITDA that is derived
including capital that such funds, partnerships and accounts have the right to call from from Outsourcing & Advisory and Investment Management service lines. Both these
investors pursuant to capital commitments. Our definition of AUM may differ from service lines represent medium to long-term duration revenue streams that are either
those used by other issuers and as such may not be directly comparable to similar contractual or repeatable in nature. Adjusted EBITDA purpose is calculated in the same
measures used by other issuers. manner as calculated for our debt agreement covenant calculation purposes,
incorporating the expected full year impact of business acquisitions and dispositions.

Investment Management AEBITDA as a percentage of total AEBITDA for peers

Peers include CBRE and JLL. Investment Management EBITDA is calculated excluding
estimated performance fees and gain on dispositions.
Investor Presentation

Colliers is a leading diversified professional services and investment management company.

With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide
expert real estate and investment advice to clients. For more than 29 years, our experienced leadership
with significant inside ownership has delivered compound annual investment returns of approximately
20% for shareholders. With annual revenues of more than $4.4 billion and $96 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. Learn more at corporate.colliers.com, Twitter @Colliers or
LinkedIn.

colliers.com

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