----

|                                      |                                            |
|-------------------------------------------|-------------------------------------------------|
| /s/ Jay S. HennickChief Executive Officer | /s/ John B. FriedrichsenChief Financial Officer |

----

----

----

|                                                         |   | Year         |      |   | Nine months         |   |      | Year                |   |
|--------------------------------------------------------------|--------|--------------|-----------|--------|---------------------|--------|-----------|---------------------|--------|
|                                                         |   | ended        |      |   | ended               |   |      | ended               |   |
|                                                         |   | December 31, |      |   | December 31,        |   |      | March 31,           |   |
|                                                         |   | 2009         |      |   | 2008                |   |      | 2008                |   |
|                                                         |   |         |      |   | (restated - note 2) |   |      | (restated - note 2) |   |
|                                                         |   |         |      |   |                |   |      |                |   |
|                                                         |   |         |      |   |                |   |      |                |   |
| Revenues                                                     |   | $            | 1,703,222 |   |                | $      | 1,322,680 |                |   | $ | 1,549,713 |   |
|                                                         |   |         |      |   |                |   |      |                |   |   |   |   |
| Cost of revenues (exclusive of depreciation shown below)     |   |         | 1,062,406 |   |                |   | 801,421   |                |   |   | 917,827 |   |
| Selling, general and administrative expenses                 |   |         | 526,669   |   |                |   | 406,383   |                |   |   | 516,091 |   |
| Depreciation                                                 |   |         | 26,833    |   |                |   | 18,814    |                |   |   | 19,727 |   |
| Amortization of intangible assets                            |   |         | 17,052    |   |                |   | 11,229    |                |   |   | 12,730 |   |
| Amortization of brokerage backlog                            |   |         | 2,498     |   |                |   | 1,703     |                |   |   | 5,216 |   |
| Goodwill impairment charge (note 10)                         |   |         | 29,583    |   |                |   | -         |                |   |   | - |   |
|                                                         |   |         | 38,181    |   |                |   | 83,130    |                |   |   | 78,122 |   |
| Interest expense                                             |   |         | 13,923    |   |                |   | 11,107    |                |   |   | 16,859 |   |
| Interest income                                              |   |         | (1,417    | )      |                |   | (2,855    | )                   |   |   | (3,472 | ) |
| Other income (note 5)                                        |   |         | (1,624    | )      |                |   | (2,422    | )                   |   |   | (4,650 | ) |
| Realized gain on available-for-sale securities               |   |         | (4,488    | )      |                |   | -         |                |   |   | - |   |
| Integrated Security division divesture bonus                 |   |         | -         |   |                |   | 5,715     |                |   |   | - |   |
| Impairment loss on available-for-sale securities             |   |         | -         |   |                |   | 14,680    |                |   |   | - |   |
| Earnings before income tax                                   |   |         | 31,787    |   |                |   | 56,905    |                |   |   | 69,385 |   |
| Income tax (note 15)                                         |   |         | 39,066    |   |                |   | 30,878    |                |   |   | 17,108 |   |
| Net (loss) earnings from continuing operations               |   |         | (7,279    | )      |                |   | 26,027    |                |   |   | 52,277 |   |
| Net (loss) earnings  from discontinued operations, |   |         |      |   |                |   |      |                |   |   |   |   |
|     net of income tax (note 4)           |   |         | (576      | )      |                |   | 48,840    |                |   |   | (2,829 | ) |
| Net (loss) earnings                                          |   |         | (7,855    | )      |                |   | 74,867    |                |   |   | 49,448 |   |
| Non-controlling interest share of earnings (note 12)         |   |         | 4,397     |   |                |   | 12,831    |                |   |   | 15,049 |   |
| Non-controlling interest redemption increment (note 12)      |   |         | 32,602    |   |                |   | (25,161   | )                   |   |   | 67,375 |   |
| Net (loss) earnings attributable to Company (note 16)        |   | $            | (44,854   | )      |                | $      | 87,197    |                |   | $ | (32,976 | ) |
| Preferred share dividends                                    |   |         | 10,101    |   |                |   | 7,760     |                |   |   | 6,952 |   |
| Net (loss) earnings attributable to common shareholders      |   | $            | (54,955   | )      |                | $      | 79,437    |                |   | $ | (39,928 | ) |
|                                                         |   |         |      |   |                |   |      |                |   |   |   |   |
| Net (loss) earnings per common share (note 17)               |   |         |      |   |                |   |      |                |   |   |   |   |
| Basic                                                        |   |         |      |   |                |   |      |                |   |   |   |   |
|    Continuing operations                      |   | $            | (1.85     | )      |                | $      | 0.12      |                |   | $ | 0.95 |   |
|    Discontinued operations                    |   |         | (0.02     | )      |                |   | 1.71      |                |   |   | (0.03 | ) |
|                                                         |   | $            | (1.87     | )      |                | $      | 1.83      |                |   | $ | 0.92 |   |
|                                                         |   |         |      |   |                |   |      |                |   |   |   |   |
| Diluted                                                      |   |         |      |   |                |   |      |                |   |   |   |   |
|    Continuing operations                      |   | $            | (1.85     | )      |                | $      | 0.11      |                |   | $ | 0.89 |   |
|    Discontinued operations                    |   |         | (0.02     | )      |                |   | 1.70      |                |   |   | (0.04 | ) |
|                                                         |   | $            | (1.87     | )      |                | $      | 1.81      |                |   | $ | 0.85 |   |

----

|                                                           |   | December 31, 2009 |      |   | December 31, 2008   |   |
|----------------------------------------------------------------|--------|-------------------|-----------|--------|---------------------|--------|
|                                                           |   |              |      |   | (restated - note 2) |   |
| Assets                                                         |   |              |      |   |                |   |
| Current assets                                                 |   |              |      |   |                |   |
| Cash and cash equivalents                                      |   | $                 | 99,778    |   |                | $      | 79,642 |   |
| Restricted cash                                                |   |              | 5,039     |   |                |   | 10,240 |   |
| Accounts receivable, net of allowance of $18,307 (December 31, |   |              |      |   |                |   |   |   |
|     2008 - $12,817)                        |   |              | 214,285   |   |                |   | 175,520 |   |
| Income tax recoverable                                         |   |              | 14,453    |   |                |   | 18,080 |   |
| Inventories (note 6)                                           |   |              | 9,458     |   |                |   | 10,572 |   |
| Prepaid expenses and other current assets                      |   |              | 23,480    |   |                |   | 20,876 |   |
| Deferred income tax (note 15)                                  |   |              | 15,800    |   |                |   | 11,718 |   |
| Assets held for sale (note 4)                                  |   |              | -         |   |                |   | 14,210 |   |
|                                                           |   |              | 382,293   |   |                |   | 340,858 |   |
| Other receivables                                              |   |              | 6,269     |   |                |   | 16,832 |   |
| Other assets (note 7)                                          |   |              | 28,058    |   |                |   | 12,459 |   |
| Fixed assets (note 8)                                          |   |              | 75,939    |   |                |   | 76,789 |   |
| Deferred income tax (note 15)                                  |   |              | 12,152    |   |                |   | 10,072 |   |
| Intangible assets (note 9)                                     |   |              | 164,592   |   |                |   | 178,227 |   |
| Goodwill (note 10)                                             |   |              | 340,227   |   |                |   | 348,897 |   |
| Assets held for sale (note 4)                                  |   |              | -         |   |                |   | 6,503 |   |
|                                                           |   |              | 627,237   |   |                |   | 649,779 |   |
|                                                           |   | $                 | 1,009,530 |   |                | $      | 990,637 |   |
|                                                           |   |              |      |   |                |   |   |   |
| Liabilities                                                    |   |              |      |   |                |   |   |   |
| Current liabilities                                            |   |              |      |   |                |   |   |   |
| Accounts payable                                               |   | $                 | 61,788    |   |                | $      | 58,172 |   |
| Accrued liabilities (note 6)                                   |   |              | 207,880   |   |                |   | 157,820 |   |
| Income tax payable                                             |   |              | 7,665     |   |                |   | 7,567 |   |
| Unearned revenues                                              |   |              | 21,343    |   |                |   | 27,600 |   |
| Long-term debt – current (note 11)                       |   |              | 22,347    |   |                |   | 20,899 |   |
| Deferred income tax (note 15)                                  |   |              | -         |   |                |   | 75 |   |
| Liabilities related to assets held for sale (note 4)           |   |              | -         |   |                |   | 12,946 |   |
|                                                           |   |              | 321,023   |   |                |   | 285,079 |   |
| Long-term debt – non-current (note 11)                   |   |              | 213,647   |   |                |   | 245,470 |   |
| Convertible debentures (note 11)                               |   |              | 77,000    |   |                |   | - |   |
| Other liabilities                                              |   |              | 27,606    |   |                |   | 21,832 |   |
| Deferred income tax (note 15)                                  |   |              | 40,052    |   |                |   | 42,072 |   |
| Liabilities related to assets held for sale (note 4)           |   |              | -         |   |                |   | 278 |   |
|                                                           |   |              | 358,305   |   |                |   | 309,652 |   |
| Non-controlling interests (note 12)                            |   |              | 164,168   |   |                |   | 196,765 |   |
|                                                           |   |              |      |   |                |   |   |   |
| Shareholders’ equity                                     |   |              |      |   |                |   |   |   |
| Preferred shares (note 13)                                     |   |              | 144,307   |   |                |   | 144,307 |   |
| Common shares (note 13)                                        |   |              | 90,994    |   |                |   | 86,913 |   |
| Contributed surplus                                            |   |              | 26,028    |   |                |   | 25,899 |   |
| Deficit                                                        |   |              | (114,016  | )      |                |   | (59,061 | ) |
| Accumulated other comprehensive earnings                       |   |              | 18,721    |   |                |   | 1,083 |   |
|                                                           |   |              | 166,034   |   |                |   | 199,141 |   |
|                                                           |   | $                 | 1,009,530 |   |                | $      | 990,637 |   |

----

|                                                                    |                  |                |                |              |               | Receivables          |               |              |                |
|-------------------------------------------------------------------------|-----------------------|---------------------|---------------------|-------------------|--------------------|----------------------|--------------------|-------------------|---------------------|
|                                                                    | Preferred shares      | Common shares       |                | pursuant          |               | Accumulated          |               |
|                                                                    | Issued and            |                | Issued and          |              |               |  to share       | Retained           | other             | Total               |
|                                                                    | outstanding           |                | outstanding         |              | Contributed        | purchase             | earnings           | comprehensive     | shareholders’ |
|                                                                    | shares                | Amount              | shares              | Amount            | surplus            | plan                 | (deficit)          | earnings          | equity              |
|                                                                    |                  |                |                |              |               |                 |               |              |                |
| Balance, March 31, 2007                                                 |  -          | $ -                 | 29,922,888     | $ 80,108          | $ 6,557            | $ (1,232)            | $ 175,346          | $ 4,096           | $ 264,875           |
| NCI accounting standard adoption                                        |                  |                |                |              |               |                 |               |              |                |
|     (notes 2, 12)                                   | -                     | -                   | -                   | -                 | -                  | -                    | (105,196)          | (498)             | (105,694)           |
| Balance, March 31, 2007(restated – note 2)                        | -                     | $ -                 | 29,922,888     | $ 80,108          | $ 6,557            | $ (1,232)            | $ 70,150           | $ 3,598           | $ 159,181           |
| Uncertain tax position accounting standard adoption (note 15)           |  -          |  -        |  -        |  -      |  -       |  -         |  (4,200)      |  -      |  (4,200)       |
| Comprehensive earnings:                                                 |                  |                |                |              |               |                 |               |              |                |
|    Net earnings                                          |  -          |  -        |  -        |  -      |  -       |  -         |  49,448  |  -      |  49,448   |
|    Foreign currency                                      |                  |                |                |              |               |                 |               |              |                |
|         translation adjustments |  -          |  -        |  -        |  -      |  -       |  -         |  -       |  7,497  |  7,497    |
|     Less: amount attributable                       |                  |                |                |              |               |                 |               |              |                |
|        to NCI                        | -                | -              | -              | -            | -             | -               | -             |  (1,063)     |  (1,063)       |
|    Re-class to earnings of                               |                  |                |                |              |               |                 |               |              |                |
|       unrealized loss on available-       |                  |                |                |              |               |                 |               |              |                |
|       for-sale equity securities,         |                  |                |                |              |               |                 |               |              |                |
|       net of income tax of $20            |  -          |  -        |  -        |  -      |  -       |  -         |  -       |  (89)        |  (89)          |
| Comprehensive earnings                                                  |                  |                |                |              |               |                 |               |              |  55,793   |
| NCI share of earnings (note 12)                                         |  -          |  -        |  -        |  -      |  -       |  -         |  (15,049)     |  -      |  (15,049)      |
| NCI redemption increment (note 12)                                      |  -          |  -        |  -        |  -      |  -       |  -         |  (67,375)     |  -      |  (67,375)      |
| Subsidiaries’ equity transactions                                 |  -          |  -        |  -        |  -      |  1,634   |  -         |  -       |  -      |  1,634    |
| Subordinate Voting Shares:                                              |                  |                |                |              |               |                 |               |              |                |
|    Stock option expense                                  |  -          |  -        |  -        |  2,440  |  3,498   |  -         |  -       |  -      |  5,938    |
|    Stock options exercised                               |  -          |  -        |  159,550  |  1,372  |  (198)        |  -         |  -       |  -      |  1,174    |
|    Issued for purchase of NCI                            |  -          |  -        |  282,649  |  5,868  |  -       |  -         |  -       |  -      |  5,868    |
|    Purchased for cancellation                            |  -          |  -        |  (252,500)     |  (869)       |  -       |  -         |  (5,701)      |  -      |  (6,570)       |
| Cash payments received                                                  |  -          |  -        |  -        |  -      |  1,644   |  467       |  -       |  -      |  2,111    |
| Stock dividend (note 13)                                                |  5,979,074  |  149,477  |  -        |  -      |  -       |  -         |  (149,477)    |  -      |  -        |
| Preferred Shares:                                                       |                  |                |                |              |               |                 |               |              |                |
|   Dividends                                                   |  -          |  -        |  -        |  -      |  -       |  -         |  (6,952)      |  -      |  (6,952)       |
| Balance, March 31, 2008 (restated – note 2)                       | 5,979,074        | 149,477        | 30,112,587     | 88,919       | 13,135        | (765)                | (129,156)          | 9,943        | 131,553        |
| Comprehensive earnings:                                                 |                  |                |                |              |               |                 |               |              |                |
|    Net earnings                                          |  -          |  -        |  -        |  -      |  -       |  -         |  74,867  |  -      |  74,867   |
|    Foreign currency                                      |                  |                |                |              |               |                 |               |              |                |
|         translation adjustments |  -          |  -        |  -        |  -      |  -       |  -         |  -       |  (11,222)    |  (11,222)      |
|     Less: amount attributable                       |                  |                |                |              |               |                 |               |              |                |
|        to NCI                        | -                | -              | -              | -            | -             | -               | -             |  2,273  |  2,273    |
|    Re-class to earnings of                               |                  |                |                |              |               |                 |               |              |                |
|       unrealized loss on available-       |                  |                |                |              |               |                 |               |              |                |
|       for-sale equity securities,         |                  |                |                |              |               |                 |               |              |                |
|       net of income tax of $20            |  -          |  -        |  -        |  -      |  -       |  -         |  -       |  89     |  89       |
| Comprehensive earnings                                                  |                  |                |                |              |               |                 |               |              |  66,007   |
| NCI share of earnings (note 12)                                         |  -          |  -        |  -        |  -      |  -       |  -         |  (12,831)     |  -      |  (12,831)      |
| NCI redemption increment (note 12)                                      |  -          |  -        |  -        |  -      |  -       |  -         |  25,161  |  -      |  25,161   |
| Subsidiaries’ equity transactions                                 |  -          |  -        |  -        |  -      |  11,268  |  -         |  -       |  -      |  11,268   |
| Subordinate Voting Shares:                                              |                  |                |                |              |               |                 |               |              |                |
|    Stock option expense                                  |  -          |  -        |  -        |  -      |  1,723   |  -         |  -       |  -      |  1,723    |
|    Stock options exercised                               |  -          |  -        |  157,245  |  1,388  |  (603)        |  -         |  -       |  -      |  785      |
|    Tax benefit on options exercised                      |  -          |  -        |  -        |  -      |  376     |  -         |  -       |  -      |  376      |
|    Issued for purchase of NCI                            |  -          |  -        |  23,952   |  263    |  -       |  -         |  -       |  -      |  263      |
|    Purchased for cancellation                            |  -          |  -        |  (960,300)     |  (3,657)     |  -       |  -         |  (11,123)     |  -      |  (14,780)      |
| Cash payments received                                                  |  -          |  -        |  -        |  -      |  -       |  765       |  -       |  -      |  765      |
| Preferred Shares:                                                       |                  |                |                |              |               |                 |               |              |                |
|    Purchased for cancellation                            |  (206,800)       |  (5,170)       |  -        |  -      |  -       |  -         |  1,781   |  -      |  (3,389)       |
|    Dividends                                             |  -          |  -        |  -        |  -      |  -       |  -         |  (7,760)      |  -      |  (7,760)       |
| Balance, December 31, 2008 (restated – note 2)                    | 5,772,274        | $ 144,307      | 29,333,484     | $ 86,913     | $ 25,899      | $  -  | $ (59,061)         | $ 1,083      | $ 199,141           |

----

|                                                                | Preferred shares              | Common shares   | Contributed surplus           | Deficit           | Accumulated other comprehensive earnings | Total shareholders’ equity |
|---------------------------------------------------------------------|-------------------------------|-----------------|-------------------------------|-------------------|------------------------------------------|----------------------------------|
|                                                                | Issued and outstanding shares | Amount          | Issued and outstanding shares | Amount            |
| Balance, December 31, 2008 (restated – note 2)                | 5,772,274                | $ 144,307  |  29,333,484         | $ 86,913     | $ 25,899                            | $ (59,061)                       | $ 1,083  | $ 199,141  |
| Comprehensive earnings:                                             |                          |            |                          |              |                                     |                             |   |   |
|    Net loss                                          |  -                  |  -    |  -                  |  -      |  -                             |  (7,855)                    |  -  |  (7,855) |
|    Foreign currency                                  |                          |            |                          |              |                                     |                             |   |   |
|       translation adjustments         | -                        | -          | -                        | -            | -                                   | -                           |  18,339  |  18,339  |
|     Less: amount                                |                          |            |                          |              |                                     |                             |   |   |
|         attributable to NCI | -                        | -          | -                        | -            | -                                   | -                           |  (701) |  (701) |
| Comprehensive earnings                                              |                          |            |                          |              |                                     |                             |   |  9,783  |
| NCI share of earnings (note 12)                                     |  -                  |  -    |  -                  |  -      |  -                             |  (4,397)                    |  -  |  (4,397) |
| NCI redemption increment (note 12)                                  |  -                  |  -    |  -                  |  -      |  -                             |  (32,602)                   |  -  |  (32,602) |
| Subsidiaries’ equity                                          |                          |            |                          |              |                                     |                             |   |   |
|    transactions                                      | -                        | -          | -                        | -            |  (773)                              | -                           | -  |  (773) |
| Subordinate Voting Shares:                                          |                          |            |                          |              |                                     |                             |   |   |
|   Stock option expense                                    |  -                  |  -    |  -                  |  -      |  1,833                         |  -                     |  -  |  1,833  |
|   Stock options exercised                                 |  -                  |  -    |  246,755            |  3,645  |  (1,119)                            |  -                     |  -  |  2,526  |
|   Tax benefit on stock options                            |                          |            |                          |              |                                     |                             |   |   |
|       exercised                       |  -                  |  -    |  -                  |  -      | 188                                 |  -                     |  -  | 188  |
|    Issued for purchase of NCI                        |  -                  |  -    |  44,671             |  436    |  -                             |  -                     |  -  |  436  |
| Preferred Shares:                                                   |                          |            |                          |              |                                     |                             |   |   |
|   Dividends                                               |  -                  |  -    |  -                  |  -      |  -                             |  (10,101)                   |  -  |  (10,101) |
| Balance, December 31, 2009                                          | 5,772,274                | $ 144,307  |  29,624,910         | $ 90,994     | $ 26,028                            | $ (114,016)                      | $ 18,721  | $ 166,034 |

----

|                                                                     |   | Year ended   |     |   | Nine months ended   |   |     | Year ended          |   |
|--------------------------------------------------------------------------|--------|--------------|----------|--------|---------------------|--------|----------|---------------------|--------|
|                                                                     |   | December 31, |     |   | December 31,        |   |     | March 31,           |   |
|                                                                     |   | 2009         |     |   | 2008                |   |     | 2008                |   |
|                                                                     |   |         |     |   | (restated - note 2) |   |     | (restated - note 2) |   |
| Cash provided by (used in)                                               |   |         |     |   |                |   |     |                |   |
|                                                                     |   |         |     |   |                |   |     |                |   |
| Operating activities                                                     |   |         |     |   |                |   |     |                |   |
| Net (loss) earnings                                                      |   | $            | (7,855   | )      |                | $      | 74,867   |                |   | $ | 49,448 |   |
| Net loss (earnings) from discontinued operations                         |   |         | 576      |   |                |   | (48,840  | )                   |   |   | 2,829 |   |
| Items not affecting cash:                                                |   |         |     |   |                |   |     |                |   |   |   |   |
|     Depreciation and amortization                    |   |         | 46,383   |   |                |   | 31,746   |                |   |   | 37,673 |   |
|     Goodwill impairment charge                       |   |         | 29,583   |   |                |   | -        |                |   |   | - |   |
|     Deferred income tax                              |   |         | (3,178   | )      |                |   | 10,125   |                |   |   | (19,860 | ) |
|     Stock option expense                             |   |         | 2,649    |   |                |   | 1,620    |                |   |   | 7,446 |   |
|     Impairment loss on available-for-sale securities |   |         | -        |   |                |   | 14,680   |                |   |   | - |   |
|     Other                                            |   |         | 87       |   |                |   | 822      |                |   |   | 2,446 |   |
| Incremental tax benefit on stock options exercised                       |   |         | (188     | )      |                |   | (5,184   | )                   |   |   | - |   |
|                                                                     |   |         |     |   |                |   |     |                |   |   |   |   |
| Changes in non-cash working capital:                                     |   |         |     |   |                |   |     |                |   |   |   |   |
|     Accounts receivable                              |   |         | (38,301  | )      |                |   | 16,584   |                |   |   | (23,222 | ) |
|     Inventories                                      |   |         | 1,114    |   |                |   | (61      | )                   |   |   | (915 | ) |
|     Prepaid expenses and other assets                |   |         | (2,614   | )      |                |   | 1,397    |                |   |   | (3,431 | ) |
|     Accounts payable                                 |   |         | 3,383    |   |                |   | 13,144   |                |   |   | 1,058 |   |
|     Accrued liabilities                              |   |         | 49,063   |   |                |   | (55,268  | )                   |   |   | 23,409 |   |
|     Income taxes                                     |   |         | 3,271    |   |                |   | 1,858    |                |   |   | (22,095 | ) |
|     Unearned revenues                                |   |         | (6,203   | )      |                |   | (917     | )                   |   |   | 3,994 |   |
|     Other liabilities                                |   |         | 5,527    |   |                |   | 11,622   |                |   |   | - |   |
| Discontinued operations                                                  |   |         | (2,248   | )      |                |   | (1,815   | )                   |   |   | (1,610 | ) |
| Net cash provided by operating activities                                |   |         | 81,049   |   |                |   | 66,380   |                |   |   | 57,170 |   |
|                                                                     |   |         |     |   |                |   |     |                |   |   |   |   |
| Investing activities                                                     |   |         |     |   |                |   |     |                |   |   |   |   |
| Acquisitions of businesses, net of cash acquired (note 3)                |   |         | (16,831  | )      |                |   | (36,494  | )                   |   |   | (152,529 | ) |
| Purchases of non-controlling interests                                   |   |         | (42,602  | )      |                |   | (38,463  | )                   |   |   | (6,773 | ) |
| Sales of interests in subsidiaries to non-controlling shareholders       |   |         | 356      |   |                |   | 168      |                |   |   | 3,294 |   |
| Investment in equity securities (note 7)                                 |   |         | (13,955  | )      |                |   | -        |                |   |   | - |   |
| Purchases of fixed assets                                                |   |         | (24,234  | )      |                |   | (14,719  | )                   |   |   | (31,624 | ) |
| Changes in restricted cash                                               |   |         | 5,201    |   |                |   | (1,381   | )                   |   |   | 8,071 |   |
| Other investing activities                                               |   |         | 2,925    |   |                |   | (2,679   | )                   |   |   | 3,790 |   |
| Discontinued operations                                                  |   |         | 1,343    |   |                |   | 153,682  |                |   |   | (3,794 | ) |
| Net cash (used in) provided by investing activities                      |   |         | (87,797  | )      |                |   | 60,114   |                |   |   | (179,565 | ) |
|                                                                     |   |         |     |   |                |   |     |                |   |   |   |   |
| Financing activities                                                     |   |         |     |   |                |   |     |                |   |   |   |   |
| Increase in long-term debt                                               |   |         | 110,162  |   |                |   | 89,238   |                |   |   | 206,924 |   |
| Repayment of long-term debt                                              |   |         | (143,965 | )      |                |   | (180,033 | )                   |   |   | (87,386 | ) |
| Issuance of convertible debentures                                       |   |         | 77,000   |   |                |   | -        |                |   |   | - |   |
| Financing fees paid                                                      |   |         | (3,801   | )      |                |   | -        |                |   |   | (544 | ) |
| Proceeds received on exercise of stock options                           |   |         | 2,526    |   |                |   | 785      |                |   |   | 1,174 |   |
| Incremental tax benefit on stock options exercised                       |   |         | 188      |   |                |   | 5,184    |                |   |   | - |   |
| Repurchases of Subordinate Voting Shares                                 |   |         | -        |   |                |   | (14,780  | )                   |   |   | (6,570 | ) |
| Repurchases of Preferred Shares                                          |   |         | -        |   |                |   | (3,389   | )                   |   |   | - |   |
| Collection of receivables pursuant to share purchase plan                |   |         | -        |   |                |   | 765      |                |   |   | 467 |   |
| Capital contributions                                                    |   |         | -        |   |                |   | -        |                |   |   | 1,644 |   |
| Dividends paid to preferred shareholders                                 |   |         | (10,101  | )      |                |   | (7,760   | )                   |   |   | (6,952 | ) |
| Distributions paid to non-controlling interests                          |   |         | (13,293  | )      |                |   | (11,379  | )                   |   |   | (6,878 | ) |
| Discontinued operations                                                  |   |         | -        |   |                |   | -        |                |   |   | (5,184 | ) |
| Net cash provided by (used in) financing activities                      |   |         | 18,716   |   |                |   | (121,369 | )                   |   |   | 96,695 |   |
| Effect of exchange rate changes on cash                                  |   |         | 7,761    |   |                |   | (5,742   | )                   |   |   | 2,196 |   |
|                                                                     |   |         |     |   |                |   |     |                |   |   |   |   |
| Increase (decrease) in cash and cash equivalents                         |   |         | 19,729   |   |                |   | (617     | )                   |   |   | (23,504 | ) |
|                                                                     |   |         |     |   |                |   |     |                |   |   |   |   |
| Cash and cash equivalents, beginning of period                           |   |         | 79,642   |   |                |   | 75,371   |                |   |   | 97,191 |   |
|      Amounts held by discontinued operations    |   |         | 407      |   |                |   | 5,295    |                |   |   | 6,979 |   |
|                                                                     |   | $            | 80,049   |   |                | $      | 80,666   |                |   | $ | 104,170 |   |
| Cash and cash equivalents, end of period                                 |   |         | 99,778   |   |                |   | 79,642   |                |   |   | 75,371 |   |
|      Amounts held by discontinued operations    |   |         | -        |   |                |   | 407      |                |   |   | 5,295 |   |
|                                                                     |   | $            | 99,778   |   |                | $      | 80,049   |                |   | $ | 80,666 |   |

----

----

----

----

----

----

----

|                                                    |   | Aggregate acquisitions |   |
|---------------------------------------------------------|--------|------------------------|--------|
|                                                    |   |                   |   |
| Current assets                                          |   | $                      | 253    |   |
| Long-term assets                                        |   |                   | 357    |   |
| Current liabilities                                     |   |                   | (543   | ) |
| Long-term liabilities                                   |   |                   | (472   | ) |
|                                                    |   |                   |   |   |
| Non-controlling interest                                |   |                   | (318   | ) |
|                                                    |   |                   |   |   |
|                                                    |   |                   | (723   | ) |
|                                                    |   |                   |   |   |
| Note consideration                                      |   | $                      | 420    |   |
| Cash consideration                                      |   | $                      | 4,467  |   |
| Acquisition date fair value of contingent consideration |   | $                      | 949    |   |
|                                                    |   |                   |   |   |
| Acquired intangible assets                              |   |                   | 3,448  |   |
| Goodwill                                                |   |                   | 3,111  |   |

----

|                                  |   |         |   |   | Purchases of        |   |
|---------------------------------------|--------|--------------|--------|--------|---------------------|--------|
|                                  |   |         |   |   | non-controlling     |   |
|                                  |   | Aggregate    |   |   | shareholders’ |   |
|                                  |   | acquisitions |   |   | interests           |   |
|                                  |   |         |   |   |                |   |
| Current assets                        |   | $            | 7,897  |   |                | $      | - |   |
| Long-term assets                      |   |         | 286    |   |                |   | 619 |   |
| Current liabilities                   |   |         | (3,919 | )      |                |   | - |   |
| Long-term liabilities                 |   |         | (1,901 | )      |                |   | (5,447 | ) |
|                                  |   |         |   |   |                |   |   |   |
| Non-controlling interest              |   |         | (2,472 | )      |                |   | 8,398 |   |
|                                  |   |         |   |   |                |   |   |   |
|                                  |   |         | (109   | )      |                |   | 3,570 |   |
| Subordinate Voting Share              |   |         |   |   |                |   |   |   |
|     consideration |   | $            | -      |   |                | $      | 263 |   |
| Cash consideration                    |   | $            | 31,760 |   |                | $      | 38,463 |   |
|                                  |   |         |   |   |                |   |   |   |
| Acquired intangible assets            |   |         | 13,652 |   |                |   | 17,149 |   |
| Goodwill                              |   |         | 18,217 |   |                |   | 18,007 |   |

|                                  |   |           |    |   |            |   |    | Purchases ofnon-controlling |   |
|---------------------------------------|--------|----------------|---------|--------|-----------------|--------|---------|-----------------------------|--------|
|                                  |   | Field Asset    |    |   | Aggregate other |   |    | shareholders’         |   |
|                                  |   | Services, Inc. |    |   | acquisitions    |   |    | interests                   |   |
|                                  |   |           |    |   |            |   |    |                        |   |
| Current assets                        |   | $              | 9,012   |   |            | $      | 26,894  |                        |   | $ | 92 |   |
| Long-term assets                      |   |           | 564     |   |            |   | 9,052   |                        |   |   | (695 | ) |
| Current liabilities                   |   |           | (10,855 | )      |            |   | (41,135 | )                           |   |   | (276 | ) |
| Long-term liabilities                 |   |           | -       |   |            |   | (16,880 | )                           |   |   | (2,321 | ) |
|                                  |   |           |    |   |            |   |    |                        |   |   |   |   |
| Non-controlling interest              |   |           | (89     | )      |            |   | (3,109  | )                           |   |   | 4,253 |   |
|                                  |   |           |    |   |            |   |    |                        |   |   |   |   |
|                                  |   |           | (1,368  | )      |            |   | (25,178 | )                           |   |   | 1,053 |   |
| Subordinate Voting Share              |   |           |    |   |            |   |    |                        |   |   |   |   |
|     consideration |   | $              | -       |   |            | $      | -       |                        |   | $ | 5,868 |   |
| Cash consideration                    |   | $              | 43,337  |   |            | $      | 102,226 |                        |   | $ | 6,773 |   |
|                                  |   |           |    |   |            |   |    |                        |   |   |   |   |
| Acquired intangible assets            |   |           | 22,080  |   |            |   | 59,277  |                        |   |   | 6,069 |   |
| Goodwill                              |   |           | 22,625  |   |            |   | 68,127  |                        |   |   | 5,519 |   |

----

| (Unaudited)                                                 |   | Year endedDecember 31, 2009 |      |   | Nine months endedDecember 31, 2008 |   |
|-------------------------------------------------------------|--------|-----------------------------|-----------|--------|-----------------------------------------|--------|
|                                                        |   |                        |      |   |                                    |   |
| Pro forma revenues                                          |   | $                           | 1,711,901 |   |                                    | $      | 1,367,143 |   |
| Pro forma net earnings from continuing operations           |   |                        | (7,077    | )      |                                    |   | 27,430 |   |
|                                                        |   |                        |      |   |                                    |   |   |   |
| Pro forma net earnings per share from continuing operations |   |                        |      |   |                                    |   |   |   |
|      Basic                         |   | $                           | (1.84     | )      |                                    | $      | 1.08 |   |
|      Diluted                       |   |                        | (1.84     | )      |                                    |   | 1.06 |   |

----

----

|                                                       | Year ended  |   |   | Nine months ended |   |   | Year ended |   |
|------------------------------------------------------------|-------------|--------|--------|-------------------|--------|--------|------------|--------|
| Operating results                                          | December 31 |   |   | December 31       |   |   | March 31   |   |
|                                                       |        | 2009   |   |              | 2008   |   |       | 2008   |   |
|                                                       |        |   |   |              |   |   |       |   |   |
| Revenues                                                   |        |   |   |              |   |   |       |   |   |
|   ISS                                            |        | $      | -      |              |   | $      | 47,158     |   |   | $ | 208,430 |   |
|   USMB                                           |        |   | 4,438  |              |   |   | 8,840      |   |   |   | 23,502 |   |
|   CCMS                                           |        |   | 623    |              |   |   | (6,407     | )      |   |   | (9,064 | ) |
|                                                       |        |   | 5,061  |              |   |   | 49,591     |   |   |   | 222,868 |   |
|                                                       |        |   |   |              |   |   |       |   |   |   |   |   |
| Operating loss before income taxes                         |        |   |   |              |   |   |       |   |   |   |   |   |
|   ISS                                            |        | $      | -      |              |   | $      | 1,683      |   |   | $ | 11,110 |   |
|   USMB                                           |        |   | (831   | )                 |   |   | (7,141     | )      |   |   | (4,664 | ) |
|   CCMS                                           |        |   | 580    |              |   |   | (5,852     | )      |   |   | (12,761 | ) |
|   Resolve                                        |        |   | -      |              |   |   | -          |   |   |   | 2,078 |   |
|                                                       |        |   | (251   | )                 |   |   | (11,310    | )      |   |   | (4,237 | ) |
| Provision for (recovery of) for income taxes               |        |   | 749    |              |   |   | (1,462     | )      |   |   | (1,408 | ) |
| Net operating (loss) earnings from discontinued            |        |   |   |              |   |   |       |   |   |   |   |   |
|    operations                               |        |   | (1,000 | )                 |   |   | (9,848     | )      |   |   | (2,829 | ) |
| Net gain on disposal of ISS (after tax)                    |        |   | 791    |              |   |   | 69,709     |   |   |   | - |   |
| Net loss on disposal of USMB (after tax)                   |        |   | (367   | )                 |   |   | (11,021    | )      |   |   | - |   |
| Net earnings (loss) from discontinued operations           |        | $      | (576   | )                 |   | $      | 48,840     |   |   | $ | (2,829 | ) |
|                                                       |        |   |   |              |   |   |       |   |   |   |   |   |
| Net earnings (loss) per share from discontinued operations |        |   |   |              |   |   |       |   |   |   |   |   |
|        Basic            |        | $      | (0.02  | )                 |   | $      | 1.71       |   |   | $ | (0.03 | ) |
|        Diluted          |        |   | (0.02  | )                 |   |   | 1.70       |   |   |   | (0.04 | ) |

| Balance sheets                     |   | USMB   |   |   | CCMS   |   |   | Total  |   |
|------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                               |   |   |   |   |   |   |   |   |   |
| Assets held for sale               |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents          |   | $      | 406    |   |   | $      | 1      |   |   | $ | 407 |   |
| Accounts receivable, net           |   |   | 714    |   |   |   | -      |   |   |   | 714 |   |
| Mortgage loans receivable          |   |   | -      |   |   |   | 12,679 |   |   |   | 12,679 |   |
| Fixed assets                       |   |   | 594    |   |   |   | -      |   |   |   | 594 |   |
| Intangible assets                  |   |   | 1,886  |   |   |   | -      |   |   |   | 1,886 |   |
| Deferred income taxes              |   |   | -      |   |   |   | 3,945  |   |   |   | 3,945 |   |
| Other                              |   |   | 294    |   |   |   | 194    |   |   |   | 488 |   |
| Total                              |   | $      | 3,894  |   |   | $      | 16,819 |   |   | $ | 20,713 |   |
|                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities held for sale          |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued liabilities                |   | $      | 1,790  |   |   | $      | -      |   |   | $ | 1,790 |   |
| Interest rate derivative contracts |   |   | -      |   |   |   | 10,820 |   |   |   | 10,820 |   |
| Other                              |   |   | 278    |   |   |   | 336    |   |   |   | 614 |   |
| Total                              |   | $      | 2,068  |   |   | $      | 11,156 |   |   | $ | 13,224 |   |

----

|                                        |         | Year   |         | Nine months |      |   | Year   |   |
|---------------------------------------------|--------------|--------|--------------|-------------|-----------|--------|--------|--------|
|                                        | ended        |   | ended        |        | ended     |   |
|                                        | December 31, |   | December 31, |        | March 31, |   |
|                                        | 2009         |   | 2008         |        | 2008      |   |
|                                        |         |   |         |        |      |   |   |   |   |
| Earnings from equity method investments     |         | $      | 1,548        |        |      | $      | 1,268  |   |   | $ | 2,292 |   |
| Earnings from available-for-sale securities |         |   | -            |        |      |   | 207    |   |   |   | 2,006 |   |
| Other                                       |         |   | 76           |        |      |   | 947    |   |   |   | 352 |   |
|                                        |         | $      | 1,624        |        |      | $      | 2,422  |   |   | $ | 4,650 |   |

|                                     |   | December 31, |    |   | December 31, |   |
|------------------------------------------|--------|--------------|---------|--------|--------------|--------|
|                                     |   | 2009         |    |   | 2008         |   |
|                                     |   |         |    |   |         |   |
| Inventories                              |   |         |    |   |         |   |
| Work-in-progress                         |   | $            | 3,367   |   |         | $      | 4,465 |   |
| Finished goods                           |   |         | 2,264   |   |         |   | 2,797 |   |
| Supplies and other                       |   |         | 3,827   |   |         |   | 3,310 |   |
|                                     |   | $            | 9,458   |   |         | $      | 10,572 |   |
|                                     |   |         |    |   |         |   |   |   |
| Accrued liabilities                      |   |         |    |   |         |   |   |   |
| Accrued payroll, commission and benefits |   | $            | 141,248 |   |         | $      | 107,756 |   |
| Accrued interest                         |   |         | 2,851   |   |         |   | 2,160 |   |
| Customer advances                        |   |         | 3,566   |   |         |   | 3,161 |   |
| Contingent consideration                 |   |         | 2,432   |   |         |   | 5,508 |   |
| Other                                    |   |         | 57,783  |   |         |   | 39,235 |   |
|                                     |   | $            | 207,880 |   |         | $      | 157,820 |   |

|                                               |   | December 31, |   |   | December 31, |   |
|----------------------------------------------------|--------|--------------|--------|--------|--------------|--------|
|                                               |   | 2009         |   |   | 2008         |   |
|                                               |   |         |   |   |         |   |
|                                               |   |         |   |   |         |   |
| Equity method investments                          |   | $            | 19,034 |   |         | $      | 2,703 |   |
| Financing fees, net of accumulated amortization of |   |         |   |   |         |   |   |   |
| $3,936 (December 31, 2008 - $1,655)                |   |         | 4,710  |   |         |   | 1,223 |   |
| Available-for-sale equity securities               |   |         | -      |   |         |   | 2,720 |   |
| Held-to-maturity debt securities                   |   |         | -      |   |         |   | 2,446 |   |
| Other                                              |   |         | 4,314  |   |         |   | 3,367 |   |
|                                               |   | $            | 28,058 |   |         | $      | 12,459 |   |

----

| December 31, 2009               |   |   |         | Accumulated |        |   |    |   |
|---------------------------------|--------|--------|--------------|-------------|-------------|--------|---------|--------|
|                            | Cost   |   | depreciation |        | Net         |   |
|                            |   |   |         |        |        |   |    |   |   |
| Land                            |   | $      | 3,070        |        |        | $      | -       |   |   | $ | 3,070 |   |
| Buildings                       |   |   | 13,114       |        |        |   | 3,197   |   |   |   | 9,917 |   |
| Vehicles                        |   |   | 22,817       |        |        |   | 16,112  |   |   |   | 6,705 |   |
| Furniture and equipment         |   |   | 53,005       |        |        |   | 32,264  |   |   |   | 20,741 |   |
| Computer equipment and software |   |   | 62,619       |        |        |   | 37,186  |   |   |   | 25,433 |   |
| Leasehold improvements          |   |   | 29,208       |        |        |   | 19,135  |   |   |   | 10,073 |   |
|                            |   | $      | 183,833      |        |        | $      | 107,894 |   |   | $ | 75,939 |   |
|                            |   |   |         |        |        |   |    |   |   |   |   |   |
|                            |   |   |         |        |        |   |    |   |   |   |   |   |
| December 31, 2008               |   |   |         |        | Accumulated |   |    |   |   |   |
|                            | Cost   |   | depreciation |        | Net         |   |
|                            |   |   |         |        |        |   |    |   |   |   |   |   |
| Land                            |   | $      | 3,070        |        |        | $      | -       |   |   | $ | 3,070 |   |
| Buildings                       |   |   | 11,683       |        |        |   | 2,717   |   |   |   | 8,966 |   |
| Vehicles                        |   |   | 22,158       |        |        |   | 14,842  |   |   |   | 7,316 |   |
| Furniture and equipment         |   |   | 51,713       |        |        |   | 28,678  |   |   |   | 23,035 |   |
| Computer equipment and software |   |   | 47,457       |        |        |   | 25,100  |   |   |   | 22,357 |   |
| Leasehold improvements          |   |   | 27,814       |        |        |   | 15,769  |   |   |   | 12,045 |   |
|                            |   | $      | 163,895      |        |        | $      | 87,106  |   |   | $ | 76,789 |   |

----

| December 31, 2009                                   |   | Gross    |         |        |   |   |   |   |   |
|-----------------------------------------------------|--------|----------|--------------|-------------|--------|--------|--------|--------|--------|
|                                                |   | carrying |         | Accumulated |   |   |   |   |
|                                                | amount |     | amortization |        | Net    |   |
|                                                |   |     |         |        |   |   |   |   |   |
| Customer lists and relationships                    |   | $        | 115,139      |        |   | $      | 34,740 |   |   | $ | 80,399 |   |
| Franchise rights                                    |   |     | 38,887       |        |   |   | 11,313 |   |   |   | 27,574 |   |
| Trademarks and trade names:                         |   |     |         |        |   |   |   |   |   |   |   |   |
|       Indefinite life |   |     | 20,907       |        |   |   | -      |   |   |   | 20,907 |   |
|       Finite life     |   |     | 36,526       |        |   |   | 6,108  |   |   |   | 30,418 |   |
| Management contracts and other                      |   |     | 12,179       |        |   |   | 6,943  |   |   |   | 5,236 |   |
| Brokerage backlog                                   |   |     | 1,207        |        |   |   | 1,149  |   |   |   | 58 |   |
|                                                |   | $        | 224,845      |        |   | $      | 60,253 |   |   | $ | 164,592 |   |
|                                                |   |     |         |        |   |   |   |   |   |   |   |   |
|                                                |   |     |         |        |   |   |   |   |   |   |   |   |
| December 31, 2008                                   |   | Gross    |         |        |   |   |   |   |   |   |   |
|                                                |   | carrying |         | Accumulated |   |   |   |   |   |
|                                                | amount |     | amortization |        | Net    |   |
|                                                |   |     |         |        |   |   |   |   |   |   |   |   |
| Customer lists and relationships                    |   | $        | 115,585      |        |   | $      | 23,157 |   |   | $ | 92,428 |   |
| Franchise rights                                    |   |     | 34,266       |        |   |   | 9,154  |   |   |   | 25,112 |   |
| Trademarks and trade names:                         |   |     |         |        |   |   |   |   |   |   |   |   |
|       Indefinite life |   |     | 20,907       |        |   |   | -      |   |   |   | 20,907 |   |
|       Finite life     |   |     | 35,369       |        |   |   | 4,425  |   |   |   | 30,944 |   |
| Management contracts and other                      |   |     | 10,641       |        |   |   | 4,285  |   |   |   | 6,356 |   |
| Brokerage backlog                                   |   |     | 7,054        |        |   |   | 4,574  |   |   |   | 2,480 |   |
|                                                |   | $        | 223,822      |        |   | $      | 45,595 |   |   | $ | 178,227 |   |

|                                               |   | Amount |   |   | Estimated weighted average amortization period (years) |   |
|----------------------------------------------------|--------|--------|--------|--------|--------------------------------------------------------|--------|
|                                               |   |   |   |   |                                                   |   |
|    Customer lists and relationships |   | $      | 2,528  |   |                                                   |   | 11.7 |   |
|    Franchise rights                 |   |   | 528    |   |                                                   |   | 18.9 |   |
|    Trademarks and trade names       |   |   | 500    |   |                                                   |   | 20.0 |   |
|    Management contracts             |   |   | 132    |   |                                                   |   | 11.2 |   |
|                                               |   | $      | 3,688  |   |                                                   |   | 13.8 |   |

| 2010 | $ 15,831 |
|------|----------|
| 2011 | 14,988   |
| 2012 | 14,139   |
| 2013 | 13,316   |
| 2014 | 11,855   |

----

|                                                  |   | Commercial  |    |   | Residential |   |    |     |   |   |         |   |
|-------------------------------------------------------|--------|-------------|---------|--------|-------------|--------|---------|----------|--------|--------|--------------|--------|
|                                                  |   | Real Estate |    |   | Property    |   |    | Property |   |   |         |   |
|                                                  |   | Services    |    |   | Management  |   |    | Services |   |   | Consolidated |   |
|                                                  |   |        |    |   |        |   |    |     |   |   |         |   |
| Balance, March 31, 2008                               |   | $           | 134,496 |   |        | $      | 107,823 |     |   | $      | 69,094       |   |   | $ | 311,413 |   |
| Adjustments to goodwill resulting from adjustments to |   |        |    |   |        |   |    |     |   |   |         |   |   |   |   |   |
| purchase price allocations                            |   |        | (1,838  | )      |        |   | 633     |     |   |   | 4,500        |   |   |   | 3,295 |   |
| Adjustments to goodwill resulting from adjustments to |   |        |    |   |        |   |    |     |   |   |         |   |   |   |   |   |
| deferred tax position on prior acquisitions           |   |        | -       |   |        |   | (2,872  | )        |   |   | -            |   |   |   | (2,872 | ) |
| Goodwill resulting from contingent acquisition        |   |        |    |   |        |   |    |     |   |   |         |   |   |   |   |   |
| consideration                                         |   |        | 1,898   |   |        |   | 6,477   |     |   |   | -            |   |   |   | 8,375 |   |
| Goodwill resulting from purchases of non-controlling  |   |        |    |   |        |   |    |     |   |   |         |   |   |   |   |   |
| interests                                             |   |        | 4,842   |   |        |   | 10,024  |     |   |   | 3,141        |   |   |   | 18,007 |   |
| Goodwill acquired during period                       |   |        | 16,681  |   |        |   | 297     |     |   |   | 1,239        |   |   |   | 18,217 |   |
| Foreign exchange                                      |   |        | (7,391  | )      |        |   | (62     | )        |   |   | (85          | )      |   |   | (7,538 | ) |
| Balance, December 31, 2008                            |   |        | 148,688 |   |        |   | 122,320 |     |   |   | 77,889       |   |   |   | 348,897 |   |
| Adjustments to goodwill resulting from adjustments to |   |        |    |   |        |   |    |     |   |   |         |   |   |   |   |   |
| purchase price allocations                            |   |        | (516    | )      |        |   | 253     |     |   |   | -            |   |   |   | (263 | ) |
| Goodwill resulting from contingent acquisition        |   |        |    |   |        |   |    |     |   |   |         |   |   |   |   |   |
| consideration                                         |   |        | -       |   |        |   | 2,593   |     |   |   | 7,920        |   |   |   | 10,513 |   |
| Goodwill acquired during period                       |   |        | -       |   |        |   | 2,853   |     |   |   | 258          |   |   |   | 3,111 |   |
| Goodwill impairment loss                              |   |        | (29,583 | )      |        |   | -       |     |   |   | -            |   |   |   | (29,583 | ) |
| Foreign exchange                                      |   |        | 6,913   |   |        |   | 52      |     |   |   | 587          |   |   |   | 7,552 |   |
| Balance, December 31, 2009                            |   |        | 125,502 |   |        |   | 128,071 |     |   |   | 86,654       |   |   |   | 340,227 |   |
| Goodwill                                              |   |        | 155,085 |   |        |   | 128,071 |     |   |   | 86,654       |   |   |   | 369.810 |   |
| Accumulated impairment losses                         |   |        | (29,583 | )      |        |   | -       |     |   |   | -            |   |   |   | (29,583 | ) |
|                                                  |   | $           | 125,502 |   |        | $      | 128,071 |     |   | $      | 86,654       |   |   | $ | 340,227 |   |

----

|                                                          |   | December 31, |    |   | December 31, |   |
|---------------------------------------------------------------|--------|--------------|---------|--------|--------------|--------|
|                                                          |   | 2009         |    |   | 2008         |   |
|                                                          |   |         |    |   |         |   |
| Revolving credit facility                                     |   | $            | 47,000  |   |         | $      | 62,482 |   |
| 8.06% Senior Notes                                            |   |         | 28,570  |   |         |   | 42,856 |   |
| 6.40% Senior Notes                                            |   |         | 50,000  |   |         |   | 50,000 |   |
| 5.44% Senior Notes                                            |   |         | 100,000 |   |         |   | 100,000 |   |
| Adjustment to Senior  Notes resulting from interest |   |         |    |   |         |   |   |   |
|       rate swaps                |   |         | (1,307  | )      |         |   | - |   |
| Capital leases bearing interest ranging from 5% to 10%,       |   |         |    |   |         |   |   |   |
| maturing at various dates through 2013                        |   |         | 3,821   |   |         |   | 4,460 |   |
| Other long-term debt bearing interest at 4% to 10%,           |   |         |    |   |         |   |   |   |
| maturing at various dates through 2014                        |   |         | 7,910   |   |         |   | 6,571 |   |
|                                                          |   |         | 235,994 |   |         |   | 266,369 |   |
| Less: current portion                                         |   |         | 22,347  |   |         |   | 20,899 |   |
| Long-term debt – non-current                            |   | $            | 213,647 |   |         | $      | 245,470 |   |
| Convertible debentures                                        |   |         | 77,000  |   |         |   | - |   |
|                                                          |   | $            | 290,647 |   |         | $      | 245,470 |   |

----

| 2010       | $   22,347 |
|------------|---------------------------|
| 2011       | 36,292                    |
| 2012       | 80,076                    |
| 2013       | 32,696                    |
| 2014       | 109,527                   |
| Thereafter | 33,363                    |

----

|                                              |   | Year         |    |   | Nine months  |   |    | Year      |    |
|---------------------------------------------------|--------|--------------|---------|--------|--------------|--------|---------|-----------|---------|
|                                              |   | ended        |    |   | ended        |   |    | ended     |    |
|                                              |   | December 31, |    |   | December 31, |   |    | March 31, |    |
|                                              |   | 2009         |    |   | 2008         |   |    | 2008      |    |
|                                              |   |         |    |   |         |   |    |      |    |
| Balance, March 31, 2007, as previously presented  |   |         |    |   |         |   |    | $         | 48,306  |   |
| Adjustment on adoption of new accounting standard |   |         |    |   |         |   |    |      | 105,694 |   |
| Balance, beginning of period                      |   | $            | 196,765 |   |         | $      | 232,600 |      |    |   | 154,000 |   |
| NCI share of earnings                             |   |         | 4,397   |   |         |   | 12,831  |      |    |   | 15,049 |   |
| NCI share of other comprehensive earnings         |   |         | 701     |   |         |   | (2,273  | )         |    |   | 1,063 |   |
| NCI redemption increment                          |   |         | 32,602  |   |         |   | (25,161 | )         |    |   | 67,375 |   |
| Distributions paid to NCI                         |   |         | (13,293 | )      |         |   | (11,379 | )         |    |   | (6,930 | ) |
| Purchases of interests from NCI, net              |   |         | (57,322 | )      |         |   | (12,361 | )         |    |   | (1,748 | ) |
| NCI recognized upon business acquisitions         |   |         | 318     |   |         |   | 2,508   |      |    |   | 3,791 |   |
| Balance, end of period                            |   | $            | 164,168 |   |         | $      | 196,765 |      |    | $ | 232,600 |   |

----

|                       | Preferred Shares | Subordinate Voting Shares | Multiple Voting Shares | Total Common Shares |
|----------------------------|------------------|---------------------------|------------------------|---------------------|
|                       | Number           | Amount                    | Number                 | Amount              | Number | Amount | Number | Amount |
|                       |             |                      |                   |                |   |   |   |   |
| Balance, December 31, 2008 | 5,772,274        | 144,307                   | 28,007,790             | 86,540              | 1,325,694 | 373 | 29,333,484 | 86,913 |
| Balance, December 31, 2009 | 5,772,274        | 144,307                   | 28,299,216             | 90,621              | 1,325,694 | 373 | 29,624,910 | 90,994 |

|                                   | Year         |   | Nine months  |   | Year      |   |
|----------------------------------------|--------------|--------|--------------|--------|-----------|--------|
|                                   | ended        |   | ended        |   | ended     |   |
|                                   | December 31, |   | December 31, |   | March 31, |   |
|                                   | 2009         |   | 2008         |   | 2008      |   |
| Diluted earnings per common share from |         |   |         |   |      |   |   |   |   |
| continuing operations:                 |         |   |         |   |      |   |   |   |   |
| As reported                            |         | $      | (1.87        | )      |      | $      | 0.11 |   |   | $ | 0.89 |   |
| Impact of preferred dividends on       |         |   |         |   |      |   |   |   |   |   |   |   |
| comparative periods                    |         |   | -            |   |      |   | - |   |   |   | (0.12 | ) |
| Pro forma                              |         | $      | (1.87        | )      |      | $      | 0.11 |   |   | $ | 0.77 |   |

----

----

|                                  | Number of options     |   | Weighted average exercise price |              | Weighted average remaining contractual life(years) |             | Aggregate intrinsic value |
|---------------------------------------|-----------------------|--------|---------------------------------|-------------------|----------------------------------------------------|------------------|---------------------------|
| Shares issuable under options – |                  |   |                            |              |                                               |             |                      |   |   |
|    March 31, 2007      |  1,445,550  |   | $                               | 14.12        |                                               |             |                      |   |   |
| Granted                               |  175,500    |   |                            | 32.24        |                                               |             |                      |   |   |
| Exercised                             |  (159,550)       |   |                            | 7.28         |                                               |             |                      |   |   |
| Forfeited                             |  (7,500)         |   |                            |  27.81  |                                               |             |                      |   |   |
| Shares issuable under options – |                  |   |                            |              |                                               |             |                      |   |   |
|    March 31, 2008      |  1,454,000  |   |                            | 16.94        |                                               |             |                      |   |   |
| Granted                               |  349,000    |   |                            | 17.10        |                                               |             |                      |   |   |
| Exercised                             |  (157,245)       |   |                            | 4.76         |                                               |             |                      |   |   |
| Forfeited                             |  (65,000)        |   |                            |  15.54  |                                               |             |                      |   |   |
| Shares issuable under options – |  1,580,755  |   |                            | 18.24        |                                               |             |                      |   |   |
|    December 31, 2008   |                  |   |                            |              |                                               |             |                      |   |   |
| Granted                               | 321,000          |   |                            | 11.85        |                                               |             |                      |   |   |
| Exercised                             |  (246,755)       |   |                            | 10.11        |                                               |             |                      |   |   |
| Forfeited                             | -                |   |                            |  -      |                                               |             |                      |   |   |
| Shares issuable under options – |                  |   |                            |              |                                               |             |                      |   |   |
|    December 31, 2009   |  1,655,000  |   | $                               | 18.22        |                                               | 2.43        |                      | $ | 4,357  |
| Options exercisable –           |                  |   |                            |              |                                               |             |                      |   |   |
|    December 31, 2009   | 766,300          |   | $                               | 18.61        |                                               |  1.54  |                      | $ | 1,728  |

|                        |   | Year         |    |   | Nine months  |   |    | Year      |   |
|-----------------------------|--------|--------------|---------|--------|--------------|--------|---------|-----------|--------|
|                        |   | ended        |    |   | ended        |   |    | ended     |   |
|                        |   | December 31, |    |   | December 31, |   |    | March 31, |   |
|                        |   | 2009         |    |   | 2008         |   |    | 2008      |   |
|                        |   |         |    |   |         |   |    |      |   |
| Number of options exercised |   |         | 246,755 |   |         |   | 157,245 |      |   |   | 159,550 |   |
|                        |   |         |    |   |         |   |    |      |   |   |   |   |
| Aggregate fair value        |   | $            | 4,070   |   |         | $      | 2,378   |      |   | $ | 4,885 |   |
| Intrinsic value             |   |         | 1,544   |   |         |   | 1,593   |      |   |   | 3,711 |   |
| Amount of cash received     |   | $            | 2,526   |   |         | $      | 785     |      |   | $ | 1,174 |   |
|                        |   |         |    |   |         |   |    |      |   |   |   |   |
| Tax benefit recognized      |   | $            | 536     |   |         | $      | 542     |      |   | $ | - |   |

----

|                                           |   | Year ended December 31, |   |   | Nine months ended December 31, |   |   | Yearended March 31, |   |
|------------------------------------------------|--------|------------------------------|--------|--------|--------------------------------|--------|--------|---------------------|--------|
|                                           |   | 2009                         |   |   | 2008                           |   |   | 2008                |   |
| Risk-free interest rate                        |   |                         | 1.3    | %      |                           |   | 2.2    | %                   |   |   | 4.8 | % |
| Expected life in years                         |   |                         | 4.75   |   |                           |   | 4.70   |                |   |   | 3.75 |   |
| Expected volatility                            |   |                         | 38.8   | %      |                           |   | 30.5   | %                   |   |   | 26.4 | % |
| Dividend yield                                 |   |                         | 0.0    | %      |                           |   | 0.0    | %                   |   |   | 0.0 | % |
|                                           |   |                         |   |   |                           |   |   |                |   |   |   |   |
| Weighted average fair value per option granted |   | $                            | 4.14   |   |                           | $      | 4.53   |                |   | $ | 9.31 |   |

----

|                                              |   | Year         |   |   | Nine months  |   |   | Year      |   |
|---------------------------------------------------|--------|--------------|--------|--------|--------------|--------|--------|-----------|--------|
|                                              |   | ended        |   |   | ended        |   |   | ended     |   |
|                                              |   | December 31, |   |   | December 31, |   |   | March 31, |   |
|                                              |   | 2009         |   |   | 2008         |   |   | 2008      |   |
|                                              |   |         |   |   |         |   |   |      |   |
| Income tax expense using combined statutory rate  |   |         |   |   |         |   |   |      |   |
|   of 33% (December 31, 2008 - 34%;           |   |         |   |   |         |   |   |      |   |
| March 31, 2008 - 35%)                             |   | $            | 10,489 |   |         | $      | 19,062 |      |   | $ | 24,588 |   |
| Permanent differences                             |   |         | 825    |   |         |   | (1,117 | )         |   |   | 70 |   |
| Goodwill impairment charge                        |   |         | 9,643  |   |         |   | -      |      |   |   | - |   |
| Impact of changes in foreign exchange rates       |   |         | 4,718  |   |         |   | -      |      |   |   | - |   |
| Adjustments in tax liabilities for prior periods  |   |         | (2,600 | )      |         |   | (2,405 | )         |   |   | 522 |   |
| Effects of changes in enacted tax rates           |   |         | (854   | )      |         |   | 1,495  |      |   |   | (420 | ) |
| Changes in provisions for uncertain tax positions |   |         | 1,418  |   |         |   | 2,629  |      |   |   | 1,733 |   |
| Stock-based compensation                          |   |         | (37    | )      |         |   | (645   | )         |   |   | (1,290 | ) |
| Foreign tax rate differential                     |   |         | (2,795 | )      |         |   | (4,498 | )         |   |   | (9,373 | ) |
| Withholding tax                                   |   |         | 517    |   |         |   | 476    |      |   |   | - |   |
| Other taxes                                       |   |         | 453    |   |         |   | 254    |      |   |   | - |   |
| Losses not recognized - valuation allowance       |   |         | 17,289 |   |         |   | 15,627 |      |   |   | 1,278 |   |
| Provision for income tax as reported              |   | $            | 39,066 |   |         | $      | 30,878 |      |   | $ | 17,108 |   |

|          |   | Year         |   |   | Nine months  |   |   | Year      |   |
|---------------|--------|--------------|--------|--------|--------------|--------|--------|-----------|--------|
|          |   | ended        |   |   | ended        |   |   | ended     |   |
|          |   | December 31, |   |   | December 31, |   |   | March 31, |   |
|          |   | 2009         |   |   | 2008         |   |   | 2008      |   |
|          |   |         |   |   |         |   |   |      |   |
| Canada        |   | $            | 30,112 |   |         | $      | 17,399 |      |   | $ | 15,515 |   |
| United States |   |         | 5,680  |   |         |   | 18,043 |      |   |   | 32,154 |   |
| Foreign       |   |         | (4,005 | )      |         |   | 21,463 |      |   |   | 21,716 |   |
| Total         |   | $            | 31,787 |   |         | $      | 56,905 |      |   | $ | 69,385 |   |

|          |   | Year         |   |   | Nine months  |   |   | Year      |   |
|---------------|--------|--------------|--------|--------|--------------|--------|--------|-----------|--------|
|          |   | ended        |   |   | ended        |   |   | ended     |   |
|          |   | December 31, |   |   | December 31, |   |   | March 31, |   |
|          |   | 2009         |   |   | 2008         |   |   | 2008      |   |
| Current       |   |         |   |   |         |   |   |      |   |
| Canada        |   | $            | 2,244  |   |         | $      | 3,554  |      |   | $ | 8,839 |   |
| United States |   |         | 32,247 |   |         |   | 22,496 |      |   |   | 18,063 |   |
| Foreign       |   |         | 5,160  |   |         |   | 7,989  |      |   |   | 12,743 |   |
|          |   |         | 39,651 |   |         |   | 34,039 |      |   |   | 39,645 |   |
|          |   |         |   |   |         |   |   |      |   |   |   |   |
| Deferred      |   |         |   |   |         |   |   |      |   |   |   |   |
| Canada        |   |         | 878    |   |         |   | (6,553 | )         |   |   | (10,829 | ) |
| United States |   |         | (576   | )      |         |   | 4,596  |      |   |   | (8,319 | ) |
| Foreign       |   |         | (887   | )      |         |   | (1,204 | )         |   |   | (3,389 | ) |
|          |   |         | (585   | )      |         |   | (3,161 | )         |   |   | (22,537 | ) |
| Total         |   | $            | 39,066 |   |         | $      | 30,878 |      |   | $ | 17,108 |   |

----

|                                |   |         |    |   |         |   |
|-------------------------------------|--------|--------------|---------|--------|--------------|--------|
|                                |   | December 31, |    |   | December 31, |   |
|                                |   | 2009         |    |   | 2008         |   |
| Deferred income tax assets          |   |         |    |   |         |   |
| Loss carry-forwards                 |   | $            | 8,510   |   |         | $      | 8,117 |   |
| Expenses not currently deductible   |   |         | 10,706  |   |         |   | 8,641 |   |
| Stock-based compensation            |   |         | 3,642   |   |         |   | 1,942 |   |
| Provision for doubtful accounts     |   |         | 3,825   |   |         |   | 2,566 |   |
| Inventory and other reserves        |   |         | 1,269   |   |         |   | 524 |   |
|                                |   |         | 27,952  |   |         |   | 21,790 |   |
| Deferred income tax liabilities     |   |         |    |   |         |   |   |   |
| Depreciation and amortization       |   |         | 37,142  |   |         |   | 39,956 |   |
| Unrealized foreign exchange gains   |   |         | 2,617   |   |         |   | 1,428 |   |
| Investments                         |   |         | -       |   |         |   | 526 |   |
| Prepaid and other expenses deducted |   |         |    |   |         |   |   |   |
|    for tax purposes  |   |         | -       |   |         |   | 132 |   |
| Financing fees                      |   |         | 293     |   |         |   | 105 |   |
|                                |   |         | 40,052  |   |         |   | 42,147 |   |
| Net deferred income tax liability   |   | $            | (12,100 | )      |         | $      | (20,357 | ) |

----

| Balance, March 31, 2008                                           |   | $      | 10,671 |   |
|-------------------------------------------------------------------|--------|--------|--------|--------|
| Increases based on tax positions related to the current period    |   |   | 2,459  |   |
| Increases for tax positions of prior periods                      |   |   | 603    |   |
| Decreases for tax positions of prior periods (including lapses in |   |   |   |   |
| statutes of limitations)                                          |   |   | (830   | )      |
| Balance, December 31, 2008                                        |   |   | 12,903 |   |
| Increases based on tax positions related to the current period    |   |   | 1,436  |   |
| Increases for tax positions of prior periods                      |   |   | 922    |   |
| Decreases for tax positions of prior periods (including lapses in |   |   |   |   |
| statutes of limitations)                                          |   |   | (871   | )      |
| Balance, December 31, 2009                                        |   | $      | 14,390 |   |

----

|                                  |   | Year         |    |   | Nine months  |   |   | Year      |   |
|---------------------------------------|--------|--------------|---------|--------|--------------|--------|--------|-----------|--------|
|                                  |   | ended        |    |   | ended        |   |   | ended     |   |
|                                  |   | December 31, |    |   | December 31, |   |   | March 31, |   |
|                                  |   | 2009         |    |   | 2008         |   |   | 2008      |   |
| Amounts attributable to the Company:  |   |         |    |   |         |   |   |      |   |
| Continuing operations                 |   | $            | (44,373 | )      |         | $      | 36,668 |      |   | $ | (31,900 | ) |
| Discontinued operations               |   |         | (481    | )      |         |   | 50,529 |      |   |   | (1,076 | ) |
| Net (loss) earnings                   |   |         | (44,854 | )      |         |   | 87,197 |      |   |   | (32,976 | ) |
| Preferred share dividends             |   |         | 10,101  |   |         |   | 7,760  |      |   |   | 6,952 |   |
| Net (loss) earnings attributable to   |   |         |    |   |         |   |   |      |   |   |   |   |
|    common shareholders |   | $            | (54,955 | )      |         | $      | 79,437 |      |   | $ | (39,928 | ) |

|                                    |   | Year         |    |   | Nine months  |   |   | Year      |   |
|-----------------------------------------|--------|--------------|---------|--------|--------------|--------|--------|-----------|--------|
|                                    |   | ended        |    |   | ended        |   |   | ended     |   |
|                                    |   | December 31, |    |   | December 31, |   |   | March 31, |   |
|                                    |   | 2009         |    |   | 2008         |   |   | 2008      |   |
|                                    |   |         |    |   |         |   |   |      |   |
| Net earnings from continuing operations |   | $            | (7,279  | )      |         | $      | 11,508 |      |   | $ | 35,474 |   |
| Dilution of net earnings resulting from |   |         |    |   |         |   |   |      |   |   |   |   |
| assumed exercise of stock options       |   |         |    |   |         |   |   |      |   |   |   |   |
| in subsidiaries                         |   |         | -       |   |         |   | (530   | )         |   |   | (1,473 | ) |
| Preferred Share dividends               |   |         | (10,101 | )      |         |   | (7,760 | )         |   |   | (6,952 | ) |
| Net earnings from continuing operations |   |         |    |   |         |   |   |      |   |   |   |   |
| for diluted earnings per share          |   |         |    |   |         |   |   |      |   |   |   |   |
| calculation purposes                    |   | $            | (17,380 | )      |         | $      | 3,218  |      |   | $ | 27,049 |   |
|                                    |   |         |    |   |         |   |   |      |   |   |   |   |
| Net earnings available to common        |   |         |    |   |         |   |   |      |   |   |   |   |
| shareholders                            |   | $            | (54,955 | )      |         | $      | 54,276 |      |   | $ | 27,447 |   |
| Dilution of net earnings resulting from |   |         |    |   |         |   |   |      |   |   |   |   |
| assumed exercise of stock options in    |   |         |    |   |         |   |   |      |   |   |   |   |
| subsidiaries                            |   |         | -       |   |         |   | (530   | )         |   |   | (1,473 | ) |
| Net earnings for diluted earnings per   |   |         |    |   |         |   |   |      |   |   |   |   |
| share calculation purposes              |   | $            | (54,955 | )      |         | $      | 53,746 |      |   | $ | 25,974 |   |

----

|                               |   | Year         |       |   | Nine months  |   |       | Year      |   |
|------------------------------------|--------|--------------|------------|--------|--------------|--------|------------|-----------|--------|
|                               |   | ended        |       |   | ended        |   |       | ended     |   |
|                               |   | December 31, |       |   | December 31, |   |       | March 31, |   |
|                               |   | 2009         |       |   | 2008         |   |       | 2008      |   |
|                               |   |         |       |   |         |   |       |      |   |
| Shares issued and outstanding at   |   |         | 29,333,484 |   |         |   | 30,112,587 |      |   |   | 29,922,888 |   |
| beginning of period                |   |         |       |   |         |   |       |      |   |   |   |   |
| Weighted average number of shares: |   |         |       |   |         |   |       |      |   |   |   |   |
| Issued during the period           |   |         | 104,091    |   |         |   | 63,469     |      |   |   | 106,139 |   |
| Repurchased during the period      |   |         | -          |   |         |   | (592,113   | )         |   |   | (124,371 | ) |
|                               |   |         |       |   |         |   |       |      |   |   |   |   |
| Weighted average number of shares  |   |         |       |   |         |   |       |      |   |   |   |   |
| used in computing basic earnings   |   |         |       |   |         |   |       |      |   |   |   |   |
| per share                          |   |         | 29,437,575 |   |         |   | 29,583,943 |      |   |   | 29,904,656 |   |
| Assumed exercise of stock options, |   |         |       |   |         |   |       |      |   |   |   |   |
| net of shares assumed acquired     |   |         |       |   |         |   |       |      |   |   |   |   |
| under the Treasury Stock Method    |   |         | 78,580     |   |         |   | 170,739    |      |   |   | 642,310 |   |
| Number of shares used in computing |   |         |       |   |         |   |       |      |   |   |   |   |
| diluted earnings per share         |   |         | 29,516,155 |   |         |   | 29,754,682 |      |   |   | 30,546,966 |   |

|                                   |   | Year         |   |   | Nine months  |   |   | Year      |   |
|----------------------------------------|--------|--------------|--------|--------|--------------|--------|--------|-----------|--------|
|                                   |   | ended        |   |   | ended        |   |   | ended     |   |
|                                   |   | December 31, |   |   | December 31, |   |   | March 31, |   |
|                                   |   | 2009         |   |   | 2008         |   |   | 2008      |   |
|                                   |   |         |   |   |         |   |   |      |   |
| Franchisor operations                  |   |         |   |   |         |   |   |      |   |
| Revenues                               |   | $            | 69,864 |   |         | $      | 63,987 |      |   | $ | 99,351 |   |
| Operating earnings                     |   |         | 11,492 |   |         |   | 17,308 |      |   |   | 26,199 |   |
| Initial franchise fee revenues         |   |         | 5,662  |   |         |   | 3,887  |      |   |   | 5,606 |   |
|                                   |   |         |   |   |         |   |   |      |   |   |   |   |
| Cash payments made during the period   |   |         |   |   |         |   |   |      |   |   |   |   |
| Income taxes                           |   | $            | 33,270 |   |         | $      | 20,628 |      |   | $ | 45,275 |   |
| Interest                               |   |         | 13,470 |   |         |   | 13,907 |      |   |   | 19,268 |   |
|                                   |   |         |   |   |         |   |   |      |   |   |   |   |
| Non-cash financing activities          |   |         |   |   |         |   |   |      |   |   |   |   |
| Increases in capital lease obligations |   | $            | 1,722  |   |         | $      | 1,403  |      |   | $ | 4,115 |   |
|                                   |   |         |   |   |         |   |   |      |   |   |   |   |
| Other expenses                         |   |         |   |   |         |   |   |      |   |   |   |   |
| Rent expense                           |   | $            | 48,957 |   |         | $      | 35,546 |      |   | $ | 46,681 |   |

----

|                                        |   |          | December 31, 2009 |
|---------------------------------------------|--------|---------------|-------------------|
|                                        |   |          |              | Balance sheet |   | Fair |
| Derivative designated as hedging instrument |   | location      |              | value |
|                                        |   |          |              |   |   |   |   |   |
|                                        |   |          |              | Other liabilities |   |   |
| Interest rate swaps                         |   | (non-current) |              | $ | 1,307 |

----

|                           |   | December 31, 2009 |    |   | December 31, 2008 |   |
|--------------------------------|--------|-------------------|---------|--------|-------------------|--------|
|                           |   | Carrying          |    |   | Fair              |   |   | Carrying |   |   | Fair |   |
|                           | amount |              |    | value  |              |   | amount |   |   | value |   |
|                           |   |              |    |   |              |   |   |   |   |   |   |   |
| Other receivables              |   | $                 | 6,269   |   |              | $      | 6,269 |   |   | $ | 16,832 |   |   | $ | 16,832 |   |
| Held-to-maturity investments   |   |              | -  |   |              |   | -  |   |   |   | 6,195 |   |   |   | 6,199 |   |
| Available-for-sale securities  |   |              | -  |   |              |   | -  |   |   |   | 2,720 |   |   |   | 2,720 |   |
| Investment in Colliers CRE plc |   |              | 14,883  |   |              |   | 14,200 |   |   |   | - |   |   |   | - |   |
| Long-term debt                 |   |              | 235,994 |   |              |   | 255,468 |   |   |   | 266,369 |   |   |   | 302,494 |   |
| Convertible debentures         |   |              | 77,000  |   |              |   | 77,000 |   |   |   | - |   |   |   | - |   |

|                         |                                |        | Fair value measurements at December 31, 2009 |
|------------------------------|-------------------------------------|-------------|----------------------------------------------|
|                         | Carrying value at December 31, 2009 |        |                                         |   |   |   |   |
|                         |                                | Level 1     |                                         | Level 2 |   | Level 3 |
|                         |                                |        |                                         |   |   |   |   |   |
| Interest rate swap liability | $                                   |  1,307 | $                                            |   | $ | 1,307  | $ |  -  |

| (a)   | Lease commitments |
|-----------------|-------------------|

| Year ending December 31 |     |
|-------------------------|----------|
| 2010                    | $ 47,992 |
| 2011                    | 44,923   |
| 2012                    | 36,286   |
| 2013                    | 30,276   |
| 2014                    | 18,751   |
| Thereafter              | 29,186   |

----

| (b)   | Contingencies |
|-----------------|---------------|

----

|                                 | Commercial  |   | Residential |   |     |   |      |   |         |   |    |   |   |
|--------------------------------------|-------------|--------|-------------|--------|----------|--------|-----------|--------|--------------|--------|---------|--------|--------|
| Year ended                           | Real Estate |   | Property    |   | Property |   |      |   |         |   |
| December 31, 2009                    | Services    |   | Management  |   | Services |   | Corporate |   | Consolidated |   |
|                                 |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |
| Revenues                             |        | $      | 622,996     |   |     | $      | 645,251   |   |         | $      | 434,838 |   |   | $ | 137 |   |   | $ | 1,703,222 |   |
| Depreciation and amortization        |        |   | 25,031      |   |     |   | 11,561    |   |         |   | 9,447   |   |   |   | 344 |   |   |   | 46,383 |   |
| Operating earnings                   |        |   | (61,665     | )      |     |   | 49,399    |   |         |   | 62,028  |   |   |   | (11,581 | ) |   |   | 38,181 |   |
| Other income, net                    |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | 6,112 |   |
| Interest expense, net                |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | (12,506 | ) |
| Income taxes                         |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | (39,066 | ) |
| Net earnings from continuing         |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
| operations                           |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | (7,279 | ) |
| Net earnings from discontinued       |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
| operations                           |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | (576 | ) |
| Net earnings                         |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   | $ | (7,855 | ) |
|                                 |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
| Total assets                         |        | $      | 389,703     |   |     | $      | 350,025   |   |         | $      | 204,769 |   |   | $ | 65,033 |   |   | $ | 1,009,530 |   |
| Total additions to long-lived assets |        |   | 15,291      |   |     |   | 24,941    |   |         |   | 13,595  |   |   |   | 438 |   |   |   | 54,265 |   |
|                                 |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
|                                 |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
|                                 |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
|                                 | Commercial  |   | Residential |   |     |   |      |   |         |   |    |   |   |   |   |   |
| Nine months ended                    | Real Estate |   | Property    |   | Property |   |      |   |         |   |    |   |   |   |
| December 31, 2008                    | Services    |   | Management  |   | Services |   | Corporate |   | Consolidated |   |
|                                 |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
| Revenues                             |        | $      | 578,192     |   |     | $      | 475,251   |   |         | $      | 269,114 |   |   | $ | 123 |   |   | $ | 1,322,680 |   |
| Depreciation and amortization        |        |   | 17,975      |   |     |   | 7,815     |   |         |   | 5,695   |   |   |   | 261 |   |   |   | 31,746 |   |
| Operating earnings                   |        |   | 17,442      |   |     |   | 36,436    |   |         |   | 36,278  |   |   |   | (7,026 | ) |   |   | 83,130 |   |
| Other expense, net                   |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | (17,973 | ) |
| Interest expense, net                |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | (8,252 | ) |
| Income taxes                         |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | (30,878 | ) |
| Net earnings from continuing         |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
| operations                           |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | 26,027 |   |
| Net earnings from discontinued       |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
| operations                           |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | 48,840 |   |
| Net earnings                         |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   | $ | 74,867 |   |
|                                 |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   |   |   |
| Total assets                         |        | $      | 404,781     |   |     | $      | 332,765   |   |         | $      | 222,485 |   |   | $ | 9,893 |   |   | $ | 969,924 |   |
| Discontinued operations              |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | 20,713 |   |
|                                 |        |   |        |   |     |   |      |   |         |   |    |   |   |   |   |   |   |   | 990,637 |   |
| Total additions to long-lived assets |        |   | 21,501      |   |     |   | 21,068    |   |         |   | 7,395   |   |   |   | - |   |   |   | 49,964 |   |

----

|                                 |   | Commercial  |    |   | Residential |   |    |     |   |   |      |   |   |         |    |
|--------------------------------------|--------|-------------|---------|--------|-------------|--------|---------|----------|--------|--------|-----------|--------|--------|--------------|---------|
| Year ended                           |   | Real Estate |    |   | Property    |   |    | Property |   |   |      |   |   |         |    |
| March 31, 2008                       |   | Services    |    |   | Management  |   |    | Services |   |   | Corporate |   |   | Consolidated |    |
|                                 |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |
| Revenues                             |   | $           | 787,467 |   |        | $      | 544,926 |     |   | $      | 216,972   |   |   | $            | 348     |   |   | $ | 1,549,713 |   |
| Depreciation and amortization        |   |        | 21,219  |   |        |   | 10,450  |     |   |   | 5,654     |   |   |         | 350     |   |   |   | 37,673 |   |
| Operating earnings                   |   |        | 21,554  |   |        |   | 39,790  |     |   |   | 32,745    |   |   |         | (15,967 | ) |   |   | 78,122 |   |
| Other expense, net                   |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   | 4,650 |   |
| Interest expense, net                |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   | (13,387 | ) |
| Income taxes                         |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   | (17,108 | ) |
| Net earnings from continuing         |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   |   |   |
| operations                           |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   | 52,277 |   |
| Net earnings from discontinued       |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   |   |   |
| operations                           |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   | (2,829 | ) |
| Net earnings                         |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   | $ | 49,448 |   |
|                                 |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   |   |   |
| Total assets                         |   | $           | 407,850 |   |        | $      | 290,692 |     |   | $      | 191,553   |   |   | $            | 48,475  |   |   | $ | 938,570 |   |
| Discontinued operations              |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   | 150,773 |   |
|                                 |   |        |    |   |        |   |    |     |   |   |      |   |   |         |    |   |   |   | 1,089,343 |   |
| Total additions to long-lived assets |   |        | 79,873  |   |        |   | 64,471  |     |   |   | 53,560    |   |   |         | 364     |   |   |   | 198,268 |   |

|                    |   | Year         |      |   | Nine months  |   |      | Year      |   |
|-------------------------|--------|--------------|-----------|--------|--------------|--------|-----------|-----------|--------|
|                    |   | ended        |      |   | ended        |   |      | ended     |   |
|                    |   | December 31, |      |   | December 31, |   |      | March 31, |   |
|                    |   | 2009         |      |   | 2008         |   |      | 2008      |   |
|                    |   |         |      |   |         |   |      |      |   |
| United States           |   |         |      |   |         |   |      |      |   |
| Revenues                |   | $            | 1,282,129 |   |         | $      | 852,644   |      |   | $ | 978,868 |   |
| Total-long-lived assets |   |         | 427,217   |   |         |   | 444,192   |      |   |   | 394,168 |   |
|                    |   |         |      |   |         |   |      |      |   |   |   |   |
| Canada                  |   |         |      |   |         |   |      |      |   |   |   |   |
| Revenues                |   | $            | 178,587   |   |         | $      | 210,048   |      |   | $ | 227,249 |   |
| Total-long-lived assets |   |         | 56,460    |   |         |   | 70,792    |      |   |   | 75,181 |   |
|                    |   |         |      |   |         |   |      |      |   |   |   |   |
| Australia               |   |         |      |   |         |   |      |      |   |   |   |   |
| Revenues                |   | $            | 112,369   |   |         | $      | 97,975    |      |   | $ | 156,812 |   |
| Total-long-lived assets |   |         | 40,341    |   |         |   | 30,658    |      |   |   | 32,629 |   |
|                    |   |         |      |   |         |   |      |      |   |   |   |   |
| Other                   |   |         |      |   |         |   |      |      |   |   |   |   |
| Revenues                |   | $            | 130,137   |   |         | $      | 162,013   |      |   | $ | 186,784 |   |
| Total-long-lived assets |   |         | 56,740    |   |         |   | 58,271    |      |   |   | 52,604 |   |
|                    |   |         |      |   |         |   |      |      |   |   |   |   |
| Consolidated            |   |         |      |   |         |   |      |      |   |   |   |   |
| Revenues                |   | $            | 1,703,222 |   |         | $      | 1,322,680 |      |   | $ | 1,549,713 |   |
| Total-long-lived assets |   |         | 580,758   |   |         |   | 603,913   |      |   |   | 554,582 |   |

----

|                                       |   | Twelve months |       |    | Twelve months |   |
|--------------------------------------------|--------|---------------|------------|---------|---------------|--------|
|                                       |   | ended         |       |    | ended         |   |
|                                       |   | December 31,  |       |    | December 31,  |   |
|                                       |   | 2009          |       |    | 2008          |   |
|                                       |   |          |       |    | (unaudited)   |   |
|                                       |   |          |       |    |          |   |
| Revenues                                   |   | $             | 1,703,222  |    |          | $      | 1,691,811 |   |
| Operating earnings                         |   |          | 38,181     |    |          |   | 71,327 |   |
|                                       |   |          |       |    |          |   |   |   |
| Earnings before income taxes               |   |          | 31,787     |    |          |   | 42,083 |   |
| Income taxes                               |   |          | 39,066     |    |          |   | 22,246 |   |
| (Loss) earnings from continuing operations |   |          | (7,279     | )       |          |   | 19,837 |   |
| Earnings from discontinued operations,     |   |          |       |    |          |   |   |   |
|   net of income taxes            |   |          | (576       | )  |          |   | 45,297 |   |
| Net (loss) earnings                        |   | $             | (7,855     | )       |          | $      | 65,134 |   |
|                                       |   |          |       |    |          |   |   |   |
| Net (loss) earnings per common share       |   |          |       |    |          |   |   |   |
|    Basic                    |   | $             | (1.87      | )       |          | $      | 1.41 |   |
|    Diluted                  |   |          | (1.87      | )  |          |   | 1.41 |   |
|                                       |   |          |       |    |          |   |   |   |
| Weighted average common share outstanding  |   |          |       |    |          |
|    Basic                    |   |          | 29,437,575 |    |          |   | 29,683,750 |   |
|    Diluted                  |   |          | 29,516,155 |    |          |   | 29,913,500 |   |

----

|                                      |   | Nine months  |       |   | Nine months  |   |
|-------------------------------------------|--------|--------------|------------|--------|--------------|--------|
|                                      |   | ended        |       |   | ended        |   |
|                                      |   | December 31, |       |   | December 31, |   |
|                                      |   | 2008         |       |   | 2007         |   |
|                                      |   |         |       |   | (unaudited)  |   |
|                                      |   |         |       |   |         |   |
| Revenues                                  |   | $            | 1,322,680  |   |         | $      | 1,180,582 |   |
| Operating earnings                        |   |         | 83,130     |   |         |   | 89,925 |   |
|                                      |   |         |       |   |         |   |   |   |
| Earnings before income taxes              |   |         | 56,905     |   |         |   | 84,206 |   |
| Income taxes                              |   |         | 30,878     |   |         |   | 25,740 |   |
| Earnings from continuing operations       |   |         | 26,027     |   |         |   | 58,466 |   |
| Earnings from discontinued operations,    |   |         |       |   |         |   |   |   |
|   net of income taxes           |   |         | 48,840     |   |         |   | 714 |   |
| Net earnings                              |   | $            | 74,867     |   |         | $      | 59,180 |   |
|                                      |   |         |       |   |         |   |   |   |
| Net earnings per common share             |   |         |       |   |         |   |   |   |
|    Basic                   |   | $            | 1.83       |   |         | $      | 1.32 |   |
|    Diluted                 |   |         | 1.81       |   |         |   | 1.21 |   |
|                                      |   |         |       |   |         |   |   |   |
| Weighted average common share outstanding |   |         |       |   |         |
|    Basic                   |   |         | 29,583,943 |   |         |   | 29,878,635 |   |
|    Diluted                 |   |         | 29,754,682 |   |         |   | 30,417,231 |   |

----