COMMERCIAL REAL ESTATE FirstService, through its subsidiary FirstService Commercial Real Estate ("FirstService CRE"), is the 4th largest full service commercial real estate services company in the world. With more than 6,000 employees operating from 186 company-owned offices in 36 countries, FirstService CRE generates annualized revenues of $1 billion. Well-known real estate service brands include Colliers International, Williams Real Estate, PRDnationwide, Cohen Financial, PKF Hotel and Hospitality Consulting, PGP Inc and MHPM Project Management. FirstService CRE owns more than 50% of Colliers International Property Consultants ("CIPC") a worldwide affiliation of independently owned and operated real estate service companies comprising more than 11,000 professionals operating from 293 offices in 61 countries and worldwide revenues of $1.7 billion in calendar 2007. Doug Frye, the CEO of FirstService CRE is also the Chairman of Colliers International, the governing body of CIPC.