Forward-looking Statements and Risks

This MD&A contains forward-looking statements with respect to expected financial performance, strategy and business conditions. The words "believe," "anticipate," "estimate," "plan," "expect," "intend," "may," "project," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risk and uncertainties. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Factors which may cause such differences include, but are not limited to those set out below and those set out in detail in the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2016, which is also included in the Company's Annual Report on Form 40-F available on EDGAR at

  • Economic conditions, especially as they relate to commercial and consumer credit conditions and consumer spending, particularly in regions where our business may be concentrated.
  • Commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions.
  • Residential real estate property values, resale rates and general conditions of financial liquidity for real estate transactions.
  • Extreme weather conditions impacting demand for our services or our ability to perform those services.
  • Competition in the markets served by the Company.
  • The ability to attract new customers and to retain major customers and renew related contracts.
  • The ability to retain and incentivize employees.
  • Labour shortages or increases in wage and benefit costs.
  • The effects of changes in interest rates on our cost of borrowing.
  • Unexpected increases in operating costs, such as insurance, workers' compensation, health care and fuel prices.
  • Changes in the frequency or severity of insurance incidents relative to our historical experience.
  • The effects of changes in foreign exchange rates in relation to the US dollar on the Company's Canadian dollar denominated revenues and expenses.
  • Our ability to identify and make acquisitions at reasonable prices and successfully integrate acquired operations.
  • The ability to execute on, and adapt to, information technology strategies and trends.
  • The ability to comply with laws and regulations related to our operations, including licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions.
  • Political conditions, including political instability and any outbreak or escalation of terrorism or hostilities and the impact thereof on our business.
  • Changes in government laws and policies at the federal, state/provincial or local level that may adversely impact our businesses.
  • Although the spin-off is complete, the transaction exposes FirstService to certain ongoing tax and indemnification risks.

We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results, performance or achievements. The reader is cautioned against undue reliance on these forward-looking statements. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in such forward-looking statements will be realized. The inclusion of such forward-looking statements should not be regarded as a representation by the Company or any other person that the future events, plans or expectations contemplated by the Company will be achieved. We note that past performance in operations and share price are not necessarily predictive of future performance. We disclaim any intention and assume no obligation to update or revise any non-material forward-looking statement even if new information becomes available, as a result of future events or for any other reason.

Additional information
Copies of publicly filed documents of the Company, including our Annual Information Form, can be found through the SEDAR website at