Firstservice Corporation
Institute in Toronto

In residential property management, we took the bold step of rebranding to FirstService Residential, opening a new chapter in the story of North America's largest manager of residential communities. Finally, for the first time in our history, we instituted a dividend on our common shares. Our balance sheet at year-end was as strong as it's ever been with low leverage and ample liquidity to support continued growth. We completed eleven acquisitions across all of our service lines, investing in excess of $55 million.Corporately, we completed the private placement of $150 million of 3.84% senior notes with a twelve-year term, and simplified our capital structure by eliminating the preferred shares and calling our debentures for early redemption. We sold Field Asset Services, a business that provided us with very strong cash flows and earnings during the global financial crisis but no longer fit our strategy. Paying a dividend creates a new source of income for our shareholders and also introduces FirstService to a new universe of dividend-oriented investors.