Colliers International Group Inc.

Investor
Presentation
November 2020
Basis Of Presentation
• All amounts in millions of US Dollars unless otherwise noted.
• Adjusted EBITDA (“AEBITDA”) and Adjusted EPS (“AEPS”) are non-GAAP measures. For reconciliations to the most directly comparable GAAP measures see Appendix.
• Total shareholder return CAGR computed after adjusting for dividends, splits and spin-off from January 20, 1995 to November 9, 2020.
• Revenues and Adjusted EBITDA graphs on slides 7-9 shown on a proforma trailing twelve months ended September 30, 2020 and include the full year impact of acquisitions.
• Leverage ratio is expressed in terms of net debt, excluding restricted cash, convertible notes and warehouse lines to pro forma trailing twelve month Adjusted EBITDA in accordance
with debt agreements.
• Interest coverage ratio is expressed in terms of trailing twelve month Adjusted EBITDA to trailing twelve-month interest expense in accordance with debt agreements.

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 factors include, among others, the following: general economic and business conditions, which will, among
other things, impact demand for the Company’s services, service industry conditions and capacity; the ability of the Company to implement its business strategy, including the Company’s ability to acquire
suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; Company; labor shortages or increases in commission, wage and
benefit costs; the impact of pandemics on client demand for the Company’s services, the ability of the Company to deliver its services and ensure the health and productivity of its employees; a change in
or loss of our relationship with government agencies such as Fannie Mae or Ginnie Mae could significantly impact our ability to originate mortgage loans; changes in or the failure to comply with
government regulations (especially safety and environmental laws and regulations); and other factors which are described in the Company’s filings with the Canadian securities regulators and the U.S.
Securities and Exchange Commission.

Special Note Regarding COVID-19

We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business, including how it will impact our clients, employees, and services. We expect that we will be adversely
impacted on a global basis in future periods, and we are unable to predict the ultimate impact that it may have on our business, future results of operations, financial position or cash flows. The extent to
which our operations may be impacted by the pandemic will depend largely on future developments, which are uncertain and cannot be accurately predicted, including new information which may emerge
concerning the severity of the outbreak and actions by government authorities to contain the pandemic or treat its impact. Furthermore, the impacts of a potential worsening of global macroeconomic
conditions and the continued disruptions to and volatility in the financial markets remain unknown.

Given the dynamic nature of the COVID-19 pandemic and its impact on the global business and economic environment, we cannot reasonably estimate the period of time that these conditions will
persist, the full extent of the impact they will have on our business, financial condition, results of operations or cash flows or the pace or extent of any subsequent recovery. Even after the pandemic and
related containment measures subside, we may continue to experience adverse impacts to our business, financial condition and results of operations, the extent of which may be material.

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The World of Colliers
Global leader in diversified services

Professional Property Services Investment Management

EMEA

APAC

Americas

USA, Canada, EMEA

68 15,000 $112B 2B $36B

countries1 professionals transaction value square feet managed in AUM

1 Includes affiliates

3
Investment Highlights
Well positioned for growth

Proven track record Enterprising culture Compelling growth

~20% CAGR over 25 years ~40% insider ownership “The Colliers Way”

Global platform Asset-light model Recurring earnings

Geographic & service Strong cash flow & ~57%
diversification balance sheet of AEBITDA

4
15 Year Record of Success
Growth leader in global property services

“The Colliers Way”

Internal Growth Acquisitions
• Decentralized operations • Target, acquire, integrate
• Multiple growth engines • More than $2.0B invested
• Scale for investments in talent & • Historical record of 15%+
technology ROIC

Historical Revenue Growth Historical AEBITDA Growth

(in US$ millions) (in US$ millions)
$3,046
$359

$289 $18

2004 2019 2004 2019

5
“Culture Counts”
Enterprising, partnership philosophy, bias for action

Total Shareholder Returns Far Outpace The Market

~8,100%

~20% CAGR

~1,300%

Jan-95 Jan-20
CIGI NASDAQ Composite

6
Geographic Diversification
Massive growth opportunities

Revenue By Geography AEBITDA By Geography

59%
50%
16%

19%

16%
6% 16% 18%

Americas EMEA

Asia Pacific Investment Management

7
Service Diversification
Rapidly growing recurring services

Revenue By Service Line AEBITDA By Service Line

44% 39%
24%
43%
50% 57%
Recurring Recurring

6% 26%
18%

Outsourcing & Advisory Leasing Capital Markets

Capital Markets & Leasing Investment Management

8
Property Services
Fully integrated global platform

Outsourcing & Advisory Revenues Leasing & Capital Markets Revenues

36%
44%
36% 24%

8%
2% 26% 6% 7%
11%

Project Mgmt./ Eng. Services Property Management Office Industrial Retail Multi-family

Valuation Loan Servicing Other Debt Finance

9
 Investment Management
Alternative assets, growing AUM Resilient Platform
(IM EBITDA as a % of consolidated AEBITDA)1

Harrison Street Portfolio Asset Class 18%

Student Housing
Open-end Closed-end 9%
(core) ~50% (opportunistic) Senior Housing
~50% Healthcare Delivery
Life Sciences
Storage
Peers Average 2 CIGI
Social/Utility
Infrastructure

Positive Industry Dynamics Growing AUM

• Leader in alternative & differentiated asset classes (in US$ billions)
• Top tier returns3 with diversified, global investor base $36.2
• Growing institutional allocations $30.6

Leverage Capabilities
• Unique entrepreneurial culture
• Significant insider ownership
• Leverage Colliers’ brand, platform and relationships

Q3 2019 Q3 2020

1 On a proforma LTM Q3 2020 basis

2 Peers are CBRE and JLL
3 Relative to the ODCE index for 1-3-5 and 10-year historical periods
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Compelling Growth Prospects
Highly fragmented, large global markets

Top Firms Have <20% Market Share Recent Acquisitions

AMERICAS
Colliers Nashville Sep 2020

Massive consolidation potential Maser Consulting Jul 2020

Dougherty Financial May 2020

Colliers Austin Jan 2020

Colliers Charlotte Apr 2019

Few with global platform Colliers Virginia Jan 2019
$340B+
Market Size
EMEA
Colliers proven track record Colliers Sweden Apr 2019

APAC
Synergy Property Development
Well positioned for future Services (India)
Oct 2019

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Evolving Differently
Recurring and scalable services

Established Investment
Expand services Management platform
2018 focused on higher-margin
• Leverage global scale & unique enterprising culture
alternative real estate assets
• Consolidate existing services
• Gain market share
• Seek out new services
Acquired Project
2019 Management leader in India
Focus on higher value services
• Higher margins
• Higher value add
• Capital-light professional services
Added Debt Finance &
2020 Servicing platform
Recurring AEBITDA
• Evolving to more resilient business model

2017 2020
Created Engineering &
31% 57% 2020 Design platform

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Impact of COVID-19
Financial Metrics
Working assumption for full year 2020 (relative to 2019)

• Working assumption previously provided updated to reflect stronger than expected operating
results for the third quarter

Previous Updated
Revenue -10% to -20% -10% to -15%
Adjusted EBITDA -15% to -25% -10% to -15%

• This working assumption is based on the best available information and is subject to change
based on numerous macroeconomic, health, social, geo-political and related factors.

• Significant steps taken to adjust costs to expected revenues across all service lines,
including reductions to support, administrative and leadership and related costs; May take
further cost reduction measures in future quarters.

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Operational Priorities
Ensure business continuity, health & productivity of employees

Dedicated COVID-19 Information

• Significant steps taken to adjust costs to (Link)
expected revenues across all service
lines with further cost reductions ready as
required

• Effort resulted in approximately $150 million

of cost savings for 2020
• Furloughed 6% of workforce (with health
benefits), 5% separated from service
• Reduced management salaries
• Reduced/eliminated non-essential spend

• Remotely serving clients across our entire

global platform
• Leveraging technology infrastructure,
market insights and expertise to serve
clients

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Financial Overview
Strong Record of Performance
Revenue growth providing operating leverage

Revenue Adjusted EBITDA

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

15.0%
$3,046 $359
$2,825
$311 14.0%
$2,435
13.0%
$243
$1,897
$1,722 $203 12.0%
$1,582 $181
$147 11.8% 11.0%
11.0%
10.5% 10.7% 10.0%
10.0%
9.0%
9.3%
8.0%
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019

• Established track record of growth • 250 bps margin improvement since 2014
• Average annual internal growth of 6% • Operating leverage from scale and
acquisitions

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Strong Record of Performance
Significant AEPS and operating cash flow growth

Adjusted EPS Operating Cash Flow and Capex

(in US$) (in US$ millions)

$4.67
$4.09
$311

$3.16 $257
$213
$2.29 $2.44
$1.83 $156
$127
$103
$39 $36 $44
$30 $23 $25

2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019

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

• Enhanced operating leverage • Focused on reinvestment to support growth
and diversification

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 19
Q3 2020 Operating Results
US$ millions, except Adjusted EPS

Highlights

• Better than expected results despite the

continuing impact of the pandemic
Q3 2020 Q3 2019
Adjusted Adjusted Revenue
1
• Revenues were down 7% in LC, with
Revenue EBITDA Revenue EBITDA Growth internal revenues down 19% in LC
Americas 422.6 54.6 424.3 38.8 0%
EMEA 117.4 7.7 138.8 12.6 (19%)
• Adjusted EBITDA margin improved on
Asia Pacific 110.5 12.8 133.5 18.6 (23%)
recent acquisitions of Colliers Mortgage
Investment Mgmt. 41.7 15.3 39.9 15.9 4% and Maser Consulting as well as cost
Corporate 0.1 1.8 0.4 (1.7) NM savings implemented in the early stages
Consolidated 692.3 92.1 736.9 84.3 (7%) of the pandemic
Adjusted EPS 1.08 1.04 4%
• Adjusted EPS improved 4%

1Revenue growth shown on a local currency (“LC”) basis

AEPS growth shown on a reporting currency basis

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Balance Sheet 20

Liquidity and cash flow Capitalization Schedule

(in US$ millions) September 30, December 31,
2020 2019
Cash $ 129.2 $ 115.0
Highlights Revolving Credit
385.5 371.9
Facility maturing 2024
• Strong balance sheet with ample liquidity
2.23% Euro Senior
245.3 234.9
• Leverage ratio of 1.5x Notes maturing 2028

• Interest coverage ratio of 11.0x Other Debt 13.1 4.6

• $606 million available under Revolving Credit Facility Net Debt $ 514.7 $ 496.4
maturing in April 2024 Convertible Notes 223.7 0.0
Redeemable NCI 431.2 359.2
Shareholders equity 532.4 517.3
• May 2020 issuance of Convertible Notes further
strengthens balance sheet (considered equity for leverage Total Capitalization $ 1,702.0 $ 1,372.9
ratio)

Historical Leverage Ratio

Harrison Street
acquisition
(Q3 2018)

1.5x

Conservative financial profile and strong

balance sheet
Q3 2018 Q3 2019 Q3 2020

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 Investment Highlights
Maximizing the potential of property to accelerate success

Proven track record Enterprising culture Compelling growth

~20% CAGR over 25 years ~40% insider ownership “The Colliers Way”

Global platform Asset-light model Recurring earnings

Geographic & service Strong cash flow & ~57%
diversification balance sheet of AEBITDA

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 22
Appendix
Reconciliation of net earnings to adjusted EBITDA

Three months ended Nine months ended

(US$ thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Net earnings $ 31,979 $ 28,673 $ 44,921 $ 69,711
Income tax 11,740 12,868 19,066 27,270
Other income, net (509) (663) (1,479) (985)
Interest expense, net 8,864 7,298 22,627 22,775
Operating earnings 52,074 48,176 85,135 118,771
Depreciation and amortization 36,281 22,835 87,111 69,281
Gains attributable to MSRs (6,888) - (7,397) -
Equity income from non-consolidated entites 482 - 1,451 -
Acquisition-related items 4,965 8,867 11,499 18,765
Restructuring costs 3,374 2,826 22,681 3,141
Stock-based compensation expense 1,832 1,558 6,056 5,199
Adjusted EBITDA $ 92,120 $ 84,262 $ 206,536 $ 215,157

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 23
Appendix
Reconciliation of net earnings and diluted net earnings per common
share to adjusted net earnings and adjusted EPS

Three months ended Nine months ended

(US$ thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Net earnings $ 31,979 $ 28,673 $ 44,921 $ 69,711
Non-controlling interest share of earnings (6,264) (6,069) (13,906) (13,900)
Interest on Convertible Notes 2,314 - 3,373 -
Amortization of intangible assets 25,912 14,878 59,013 44,835
Gains attributable to MSRs (6,888) - (7,397) -
Acquisition-related items 4,965 8,867 11,499 18,765
Restructuring costs 3,374 2,826 22,681 3,141
Stock-based compensation expense 1,832 1,558 6,056 5,199
Income tax on adjustments (6,988) (6,524) (20,235) (14,740)
Non-controlling interest on adjustments (2,625) (2,507) (7,222) (7,099)
Adjusted net earnings $ 47,611 $ 41,702 $ 98,783 $ 105,912

Three months ended Nine months ended

(US$) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Diluted net (loss) earnings per common share $ 0.52 $ 0.74 $ 0.43 $ 1.37
Non-controlling interest redemption increment 0.10 (0.18) 0.37 0.02
Amortization expense, net of tax 0.38 0.23 0.88 0.69
Gains attributable to MSRs, net of tax (0.12) - (0.14) -
Acquisition-related items 0.10 0.16 0.27 0.38
Restructuring costs, net of tax 0.06 0.05 0.40 0.06
Stock-based compensation expense, net of tax 0.04 0.04 0.14 0.13
Adjusted EPS $ 1.08 $ 1.04 $ 2.35 $ 2.65
Diluted weighted average shares for Adjusted EPS
44,181 40,029 42,075 39,938
(thousands)

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