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Director/PDMR Shareholding

15th Nov 2012 13:18

NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARING 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). DTR 3.1.2 R CANACCORD FINANCIAL INC.

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 PAUL REYNOLDS N/A BRAD KOTUSH MATTHEW GAASENBEEK JOHN ROTHWELL 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 VESTING OF RESTRICTED SHARE

UNITS INTO COMMON SHARES; SALE OF COMMON

SHARES TO COVER TAX LIABILITIES PAUL REYNOLDS: 1,099,774 BRAD KOTUSH: 253,046 MATTHEW GAASENBEEK: 351,367 JOHN ROTHWELL: 315,610 DANIEL DAVIAU: 1,509,644 The figure above includes shareholdings owned by Mr. Reynolds' spouse.

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 PAUL REYNOLDS: < 0.01% PAUL REYNOLDS: 1,607 COMMON SHARES ON VESTING BRAD KOTUSH: < 0.01% MATTHEW GAASENBEEK: 0.11% BRAD KOTUSH: 4,971 COMMON SHARES ON JOHN ROTHWELL: 0.01% VESTING DANIEL DAVIAU: < 0.01% MATTHEW GAASENBEEK: 113,385 COMMON SHARES ON VESTING; 79,711 RESTRICTED STOCK UNITS ON AWARD UNDER LONG TERM INCENTIVE PROGRAM JOHN ROTHWELL: 5,433 COMMON SHARES ON VESTING DANIEL DAVIAU: 1,007 COMMON SHARES ON VESTING

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 PAUL REYNOLDS: < 0.01% PAUL REYNOLDS: (710) MATTHEW GAASENBEEK: 0.05% MATTHEW GAASENBEEK: (54,960) 13. Price per share or value of 14. Date and place of transaction transaction VANCOUVER PRICE PER SHARE ON VESTING, NOT APPLICABLE VESTING OF RESTRICTED SHARE

UNITS INTO COMMON SHARES, NOVEMBER 9, 2012

PRICE PER SHARE SALES, CAD$4.99 SALE OF COMMON SHARES TO

COVER TAX LIABILITIES, NOVEMBER 9, 2012

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 NOVEMBER 13, 2012 percentage) PAUL REYNOLDS: 1,100,671 / 1.07% BRAD KOTUSH: 258,017 / 0.25% MATTHEW GAASENBEEK: 409,792 / 0.40% JOHN ROTHWELL: 321,043 / 0.31% DANIEL DAVIAU: 1,510,651 / 1.47%

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 MACLACLAN 1-416-867-6078

Name of authorised official of issuer responsible for making notification MARTIN MACLACLAN, SVP, GENERAL COUNSEL AND CORPORATE SECRETARY Date of Notification NOVEMBER 15, 2012

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.

XLON

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