2022 Annual Report Accelerating success. L E T T E R T O S H A R E H O L D E R S At Colliers, we accelerate success. Our growth reflects the strength of our diversified business and enterprising culture. In 2022, Colliers reported impressive results as we continued to accelerate the success of our clients, our investors and our people. Our Investment Management, Outsourcing & Advisory, and Leasing segments delivered strong growth, more than offsetting a slowdown in Capital Markets. Having a larger proportion of recurring services has transformed Colliers into a more balanced and resilient company – one that is diversified across regions, services, and client types. Our enterprising culture and growth mindset drive our success. In 2021, we established Enterprise ’25, our ambitious five-year growth strategy supported by six pillars. I am pleased to say we are pacing well ahead of our targets, with earnings from recurring revenue streams now representing 58% of our proforma AEBITDA.* Making strategic investments continued to be a key priority – and we see more opportunities to build for our future now than at any other point in our history. In 2022, we deployed a record $1.0 billion of capital on acquisitions to augment internal growth, increase market share, expand services, and extend our geographic reach. As a result, Colliers is better equipped than ever to help our clients and investors navigate their biggest challenges. We significantly strengthened our Investment Management platform by investing in new capabilities, specifically in long-duration, highly differentiated assets under management. In six short years, we have firmly established Colliers as a top player in the rapidly growing alternative private capital industry. P | 2 Photographed, from left to right: Christian Mayer Chief Financial OfficerJay S. Hennick Global Chairman & Chief Executive Officer Chris McLernon Chief Executive Officer, Real Estate ServicesColliers Annual Report | 2022 We finished the year with $98 billion of assets under empowers our people to do their best work. We foster an management*, 85% of which were invested in perpetual inclusive environment and promote equal opportunity or long-dated strategies and about 70% in highly across Colliers to ensure all our professionals feel they defensive asset classes. The nature of these assets, belong and can build thriving careers. Exceeding external coupled with our experienced and highly committed benchmarks in our latest global employee engagement investment teams, put us on a strong growth trajectory survey is a prime example of our culture of openness and for 2023 and beyond. ability to shape Colliers together. Harrison Street | The McEwan | Edinburgh, Scotland Colliers Engineering & Design | Halcyon Greens | Pimpama QLD, Australia To match the momentum of our business, we appointed As a global leader in our industry, we play an important one of our long-term leaders, Chris McLernon as CEO, role in tackling major challenges such as climate change Real Estate Services | Global to oversee Capital Markets, and inequality. In conjunction with publishing our Leasing, and Outsourcing & Advisory. Chris has deep second Global Impact Report, we announced a bold set expertise leading decentralized operations the Colliers of quantitative targets aligned to our ESG framework Way and I am confident he will accelerate growth, (Elevate the Built Environment) to deliver resilient enhance collaboration, and strengthen our unique buildings, inclusive workplaces, and spaces that promote culture. We were also pleased to name Davoud Amel- health and wellbeing. Azizpour, most recently CFO of the EMEA region, as Chris’ successor as CEO of EMEA to continue to increase our scale and profitability. Notably, we pledged to achieve net zero in our own operations by 2030 with 40% female employees overall as well as in manager+ roles in our service and investment We also welcomed Stuart McDonald as Global Chief management businesses by 2025. We are doing more Information Officer to shape and drive our technology every day to weave ESG into the fabric of our organization agenda and deliver the best applications and tools and accelerate where we can make a difference. for our people, clients, and world-class workplaces. Our success is made possible by our greatest assets: 18,000 professionals worldwide, who drive exceptional results for clients wherever they operate. Our enterprising culture attracts top talent and P | 3 Colliers Global Impact Report | 2021Colliers Annual Report | 2022 Another priority is technology that enables our professionals to deliver better advice and services to clients by streamlining processes, improving effectiveness, or enabling better decision-making. Last year, we enhanced our ESG data management and reporting advisory services by scaling our partnership with Measurabl. Furthermore, our proprietary Colliers Mobility Pass allows tenants to supplement any owned and leased offices with a global network of on-demand, flexible spaces. These are just a few examples of our solutions and partnerships in action. Creating value for clients, investors and shareholders has always been our focus. Our proven record of delivering compound annual returns of about 20% over the past 28 years sets us apart. I am immensely proud of Colliers’ enterprising culture, partnership philosophy and significant inside ownership that has unlocked much of our growth and success. I would like to thank our business leaders and professionals for their passion and perseverance. I also want to acknowledge our Board of Directors and their continued commitment to Colliers. Fueled by our achievements and long-term vision, our future could not be brighter! Jay S. Hennick, CM Global Chairman and Chief Executive Officer 2 0 2 2 H I G H L I G H T S Expanded Investment Management Our Investment Management business now accounts for 28% of our adjusted EBITDA.* During the year, we expanded the scale of Colliers Global Investors in Europe and added Basalt Infrastructure, Rockwood Capital and Versus Capital. They each help to accelerate Colliers’ global Investment Management capabilities and opportunity. Scaled Outsourcing & Advisory Engineering & Design and Project Management continue to expand rapidly. Acquisitions in the UK, Australia, and U.S. have helped us capture growing demand, leverage client relationships and increase our capabilities wherever our clients choose to do business. Strengthened Capital Markets and Leasing Through strong internal growth and strategic investments across our entire enterprise, Colliers continues to take market share and increase its ranks. Among other additions to our business during the year, we acquired the leading capital markets advisor in Norway and Sweden which, together with our already strong operations in Denmark and Finland, firmly established Colliers as the number one player in the Nordic region. P | 4Colliers Annual Report | 2022 Annual revenue Countries we operate in Assets under management Professionals $4.5B 65 $98B 18,000 W H Y I N V E S T I N C O L L I E R S ? Experienced team with proven track record • 28-year record of delivering about 20% CAGR in total shareholder return • Enterprise ’25 strategy with bold growth targets • More than $3.5 billion invested in strategic acquisitions over 18 years Enterprising culture drives success • Unique enterprising culture attracts and retains the highest caliber professionals • Growth mindset and partnership philosophy across the entire organization • More than 30% inside ownership aligns leadership with investors, clients, and shareholders Diversified and high value recurring earnings create resilience • Globally balanced and highly diversified services provide both stability and growth opportunities • 58% of earnings generated from high value recurring services* including Investment Management and Outsourcing & Advisory, augmented by essential Leasing and Capital Markets services Asset-light business model • Strong operating cash flow, modest CAPEX enable Colliers to reinvest in further growth • Modest leverage, strong balance sheet provide ample capacity to grow • Proven record of disciplined capital allocation focused on return on invested capital Compelling growth prospects, industry dynamics • $430+ billion global market • Massive opportunity to increase market share, consolidate and add services in a highly fragmented, growing, and global industry • Increasing trends toward greater institutional investment in real assets and outsourcing of services P | 5 Statistics are for 2022 and in U.S. dollars. Number of countries includes affiliates and as of publication date.Colliers Annual Report | 2022 $4,459 $4,089 $3,046 $2,825 $2,787 $631 $544 F I N A N C I A L H I G H L I G H T S $359 $361 $311 $6.99 $6.18 $4.67 $4.09 $4.18 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 (US$ thousands, except per share amounts) Year ended December 31 Operations Revenues Operating earnings (loss) 1 Net earnings (loss) 1 Financial Position Total assets Long-term debt 2 Financial leverage 3 Shareholders’ equity Earnings Data Adjusted EBITDA 4 2022 2021 2020 2019 2018 $4,459,487 $4,089,129 $2,786,857 $3,045,811 $2,825,427 332,496 194,544 (131,501) (237,577) 164,578 94,489 218,197 137,585 201,398 128,574 $5,098,177 $3,873,730 $3,292,167 $2,892,714 2,357,580 1,439,099 531,054 479,895 611,404 672,123 1.8 493,374 0.3 1.0 1.4 1.6 585,269 586,109 517,299 391,973 $630,525 $544,338 $361,442 $359,476 $311,435 Diluted net earnings (loss) per common share 1 Adjusted EPS 5 Diluted weighted average common shares outstanding (thousands) Cash dividends per common share 1.05 6.99 43,918 0.30 (9.09) 6.18 42,920 0.20 1.22 4.18 40,179 0.10 2.57 4.67 39,981 0.10 2.45 4.09 39,795 0.10 1 2021 figures include $471.9 million settlement of Long-Term Incentive Arrangement (LTIA) with the Company’s Chairman & CEO. 2 Excluding warehouse credit facilities and convertible notes. 3 Financial leverage expressed in terms of (long term debt less cash) / pro forma adjusted EBITDA , in accordance with debt agreements. 4 Adjusted EBITDA is defined as net earnings before income tax, interest, depreciation, amortization, gains attributable to mortgage servicing rights, acquisition-related items, restructuring costs, stock-based compensation expense, settlement of LTIA and loss on disposal of operations. 5 Adjusted EPS is defined as diluted net earnings per common share, adjusted for the effect, after income tax, of non-controlling interest redemption increment, amortization, gains attributable to mortgage servicing rights, acquisition-related items, restructuring costs, stock-based compensation expense, settlement of LTIA and loss on disposal of operations. P | 6 Colliers Annual Report | 2022 D I V E R S I F I E D P R O F E S S I O N A L S E R V I C E S We maximize the potential of property and real assets by providing a range of fully integrated, global services to real estate investors, owners, and occupiers. Investment Management Colliers is a leading, highly differentiated global real asset and alternative asset investment manager. With $98 billion in assets under management*, we are focused on delivering superior risk-adjusted returns to our investors. Our operations include Harrison Street, Basalt Infrastructure , Rockwood Capital, Versus Capital, and Colliers Global Investors. We generate long-term, recurring management fee streams primarily from long-dated and perpetual investment funds. Outsourcing & Advisory Recurring, contractual and long-duration revenue streams stemming from Engineering & Design, Project Management, Property Management, Valuation & Appraisal and Mortgage Servicing are positively changing Colliers’ composition into a more balanced and highly resilient diversified services firm. We are making significant investments around the globe to further strengthen our offerings and growth engines that provide high-quality, essential services. Leasing and Capital Markets Leasing and Capital Markets services are fundamental to our business and essential for clients. We provide leasing and transaction services for commercial real estate occupiers, owners, and investors as well as debt origination and placement services. Our transaction services work collaboratively with our Outsourcing & Advisory and Investment Management businesses to help clients maximize investment returns. * Please refer to “Reconciliation of non-GAAP financial measures” section in the MD&A available on SEDAR at www.sedar.com P | 7 Colliers Annual Report | 2022 N O T I C E O F S H A R E H O L D E R S M E E T I N G The virtual annual meeting of the shareholders will be held on April 5, 2023 at 11:00am ET Global Head Office 1140 Bay Street, Suite 4000 Toronto, Ontario, Canada M5S 2B4 Phone: 416 960 9500 Registrar & Transfer Agent TSX Trust Company Phone: 1 866 393 4891 Email: tmxeinvestorservices@tmx.com Stock Exchange Listing NASDAQ Global Select Market – CIGI Toronto Stock Exchange – CIGI Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. ABOUT COLLIERS Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 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. Accelerating success.