Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIALRESPONSIBILITY 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 CORINA TAYLOR, WIFE OF PAUL REYNOLDS PAUL REYNOLDS BRAD KOTUSH 5. Indicate whether the 6. Description of shares (including class), debentures or derivatives or notification is in respect of financial instruments relating to shares a holding of the 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 AND 4. 7. Name of registered 8. State the nature of the transaction shareholders(s) and, if more than one, the number of shares held by each of them PAUL REYNOLDS: 1,162,967 PURCHASES IN OPEN MARKET BRAD KOTUSH: 265,878 These figures include shares owned by Mr. Reynolds' wife. 9. Number of shares, debentures 10. Percentage of issued class acquired (treasury shares of that class or financial instruments should not be taken into account when calculating percentage) relating to shares acquired PAUL REYNOLDS: 0.021% BRAD KOTUSH: 0.001% PAUL REYNOLDS: 15,000 CORINA TAYLOR: 7,000 BRAD KOTUSH: 10,000 These figures include shares acquired by Mr. Reynolds' wife. 11. Number of shares, debentures 12. Percentage of issued class disposed (treasury shares of that class or financial instruments should not be taken into account when calculating percentage) relating to shares disposed N/A N/A 13. Price per share or value of 14. Date and place of transaction transaction VANCOUVER - JUNE 21, 2013 MR. REYNOLDS: CAD$5.59 MS. TAYLOR: CAD$5.59 MR. KOTUSH: CAD$5.64 15. Total holding following 16. Date issuer informed of transaction notification and total percentage holding following notification (any treasury shares should not be taken JUNE 21, 2013 into account when calculating percentage) PAUL REYNOLDS: 1,184,967 / 1.148% BRAD KOTUSH: 275,878 / 0.267% These figures include shares owned by Mr. Reynolds' wife. If a person discharging managerial responsibilities has been granted options bythe 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: JUNE 24, 2013 Notes: This form is intended for use by an issuer to make a RIS notificationrequired by DTR 3.1.4. (1) An issuer making a notification in respect of a transactionrelating to the shares or debentures of the issuer should complete boxes 1 to16, 23 and 24. (2) An issuer making a notification in respect of a derivativerelating 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 toa director/person discharging managerial responsibilities should complete boxes1 to 3 and 17 to 24. (4) An issuer making a notification in respect of a financialinstrument relating to the shares of the issuer (other than a debenture) shouldcomplete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

(CF, CF.)