NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS

Annex DTR3

1.   Name of the issuer                  2.   State whether the 

notification relates to (i) a transaction notified

                                              in accordance with DTR 3.1.2 

R, (ii) a disclosure made in accordance

                                              with LR 9.8.6R(1) or (iii) a 

disclosure made in accordance with

                                              section 793 of the Companies Act (2006).                              
     CANACCORD FINANCIAL INC.                                                                                       
                                                                                                                    
                                                                                                                    
                                              DTR 3.1.2 R                                                           
                                                                                                                    
                                                                                                                    
                                                                                                                    

3. Name of person discharging 4. State whether notification relates to a person connected with a person

     managerial responsibilities/             discharging managerial 

responsibilities/director named in 3 and

     director                                 identify the connected person                                         
                                                                                                                    
                                                                                                                    
                                                                                                                    
     BRAD KOTUSH                              N/A                                                                   
                                                                                                                    
     DANIEL DAVIAU                                                                                                  
                                                                                                                    
                                                                                                                    
                                                                                                                    

5. Indicate whether the notification 6. Description of shares (including class), debentures or derivatives or

is in respect of a holding of the financial instruments relating to shares

     person referred to in 3 or 4 above                                                                             
     or in respect of a non-beneficial                                                                              
     interest                                                                                                       
                                                                                                                    
                                                                                                                    
                                              COMMON SHARES                                                         
     NOTIFICATION RELATES TO THE                                                                                    
                                                                                                                    
     PERSONS NAMED IN 3.                                                                                            
                                                                                                                    
                                                                                                                    
                                                                                                                    

7. Name of registered shareholders(s) 8 State the nature of the transaction

     and, if more than one, the number                                                                              
     of shares held by each of them                                                                                 
                                                                                                                    
                                              ACQUISITION UNDER AN EMPLOYEE

STOCK PURCHASE PLAN ON REINVESTMENT OF

                                              DIVIDENDS RECEIVED ON SHARES HELD IN PLAN                             
     BRAD KOTUSH: 258,017                                                                                           
                                                                                                                    
                                                                                                                    
     DANIEL DAVIAU: 1,494,381                                                                                       
                                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    

9. Number of shares, debentures or 10. Percentage of issued class acquired (treasury shares of that class

financial instruments relating to should not be taken into account when calculating percentage)

     shares acquired                                                                                                
                                                                                                                    
                                                                                                                    
                                              MR. KOTUSH: 0.0001%                                                   
     BRAD KOTUSH: 112 COMMON SHARES                                                                                 
                                                                                                                    
                                                                                                                    
                                              MR. DAVIAU: 0.0008%                                                   
     DANIEL DAVIAU: 833 COMMON SHARES                                                                               
                                                                                                                    
                                                                                                                    
                                                                                                                    

11. Number of shares, debentures or 12. Percentage of issued class disposed (treasury shares of that class

financial instruments relating to should not be taken into account when calculating percentage)

     shares disposed                                                                                                
                                                                                                                    
                                                                                                                    
                                              N/A                                                                   
     N/A                                                                                                            
                                                                                                                    
                                                                                                                    
                                                                                                                    
13.  Price per share or value of         14.  Date and place of transaction                                         
     transaction                                                                                                    
                                                                                                                    
                                                                                                                    
                                              VANCOUVER                                                             
     MR. KOTUSH: $6.37 CANADIAN                                                                                     
                                              DECEMBER 31, 2012                                                     
     MR. DAVIAU: $7.89 CANADIAN                                                                                     
                                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    
15.  Total holding following             16.  Date issuer informed of transaction                                   
     notification and total percentage                                                                              
     holding following notification (any                                                                            
     treasury shares should not be taken                                                                            
     into account when calculating            JANUARY 2, 2013                                                       
     percentage)                                                                                                    
                                                                                                                    
                                                                                                                    
                                                                                                                    
     BRAD KOTUSH: 258,129 / 0.25%                                                                                   
                                                                                                                    
                                                                                                                    
                                                                                                                    
     DANIEL DAVIAU: 1,495,214 / 1.46%                                                                               
                                                                                                                    
                                                                                                                    
                                                                                                                    
 

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

 
17   Date of grant                   18.  Period during which or date on    
                                          which exercisable                 
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            

19.  Total amount paid (if any) for  20.  Description of shares or         

     grant of the option                  debentures involved (class and    
                                          number)                           
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            

21.  Exercise price (if fixed at     22.  Total number of shares or        

time of grant) or indication debentures over which options held

     that price is to be fixed at         following notification            
     the time of exercise                                                   
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
 
 
 
 
 

23.  Any additional information      24.  Name of contact and telephone    

                                          number for queries                
                                                                            
                                                                            
     NONE                                                                   
                                          MARTIN MACLACHLAN                 
                                                                            
                                          1-416-867-6078                    
                                                                            
                                                                            
                                                                            
 

Name of authorised official of issuer responsible for making notification  
                                                                           
                                                                           
                                                                           
MARTIN MACLACHLAN, SVP, GENERAL COUNSEL AND CORPORATE SECRETARY            
                                                                           
                                                                           
                                                                           
Date of Notification:  JANUARY 8, 2013                                     

Notes: This form is intended for use by an issuer to make a RIS notification required by DTR 3.1.4.

(1)           An issuer making a notification in respect of a transaction

relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2)           An issuer making a notification in respect of a derivative

relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3)           An issuer making a notification in respect of options granted

to

a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4)           An issuer making a notification in respect of a financial

instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.