Director/PDMR Shareholding

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARING MANAGERIAL

RESPONSIBILITY AND CONNECTED PERSONSAnnex DTR31. Name of the issuer 2. State whether the notification relates to (i) a transaction CANACCORD FINANCIAL INC. 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). DTR 3.1.2 R 3. Name of person discharging 4. State whether notification relates managerial responsibilities/ to a person connected with a person director discharging managerial responsibilities/director named in PETER M. BROWN 3 and identify the connected person SPOUSE- JOANNE BROWN5. Indicate whether the 6. Description of shares (including notification is in respect of a class), debentures or derivatives holding of the person referred or financial instruments relating to in 3 or 4 above or in respect to shares of a non-beneficial interest COMMON SHARES NOTIFICATION RELATES TO THE PERSONS NAMED IN 4. 7. Name of registered shareholders 8 State the nature of the transaction (s) and, if more than one, the number of shares held by each of SALE IN OPEN MARKET them PETERM. BROWN: 1,221,946

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

financial instruments relating (treasury shares of that class to shares acquired should not be taken into account when calculating percentage) N/A N/A

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

financial instruments relating (treasury shares of that class to shares disposed should not be taken into account when calculating percentage) 15,000 COMMON SHARES 0.015% 13. Price per share or value of 14. Date and place of transaction transaction FEBRUARY 25, 2013 $7.37CANADIAN VANCOUVER, CANADA 15. Total holding following 16. Date issuer informed of transaction notification and total percentage holding following FEBRUARY 25, 2013 notification (any treasury shares should not be taken into account when calculating percentage) PETER M. BROWN: 1,206,946/1.18%

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 exercisable19. Total amount paid (if any) for 20. Description of shares or debentures grant of the option involved (class and number)

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

of grant) or indication that debentures over which options held

price is to be fixed at the time following notification of exercise23. Any additional information 24. Name of contact and telephone number for queries NONE MARTIN MacLACHLAN 1-416-867-6078Name of authorised official of issuer responsible for making notificationMARTIN MacLACHLAN,GENERAL COUNSEL AND CORPORATE SECRETARYDate of Notification FEBRUARY 26, 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 transaction relating to theshares 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 theshares 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 3and 17 to 24.

(4) An issuer making a notification in respect of a financial instrumentrelating to the shares of the issuer (other than a debenture) should completeboxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.