Form 8 (OPD) Canaccord Financial Inc.

(a) Identity of the party to the offer making the disclosure:

Canaccord Financial Inc.

(b) Owner or controller of interests and short positions disclosed, if different from 1(a):

The naming of nominee or vehicle companies is insufficient

(c) Name of offeror/offeree in relation to whose relevant securities this form relates:

Use a separate form for each party to the offer

Canaccord Financial Inc.

(d) Is the party to the offer making the disclosure the offeror or the offeree?

OFFEROR

(e) Date position held:

August 30, 2011

(f) Has the party previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?

No

Class of relevant security:

Common Shares of no Par Value

Interests

Short positions

Number

%

Number

%

(1) Relevant securities owned and/or controlled:

(2) Derivatives (other than options):

(3) Options and agreements to purchase/sell:

TOTAL:

None

None

Class of relevant security in relation to which subscription right exists:

None

Details, including nature of the rights concerned and relevant percentages:

None

Details of any irrevocable commitments or letters of intent procured by the party to the offer making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of the Code):

None

Details of any interests, short positions and rights to subscribe of any person acting in concert with the party to the offer making the disclosure

Interests

Name

Number of Canaccord Financial Inc. Common Shares

% of Canaccord Issued Common Share Capital

Keefe, Bruyette and Woods Inc

26,000

0.03%

Canaccord Genuity Limited

500

0.0006%

Peter Brown (director)

1,250,000

1.5%

Charles Bralver (director)

20,500

0.02%

Massimo Carello (director)

40,000

0.05%

Michael Harris (director)

41,500

0.05%

David Kassie (director)

3,271,660

3.9%

Terrence Lyons (director)

30,000

0.04%

Paul Reynolds (director)

947,658

1.4%

Michael Walker (director)

19,535

0.02%

Rights to Subscribe:

The interests of the Directors under the Company's share based incentive schemes were the following. Options granted to independent directors (all directors listed below except Paul Reynolds) vest over four years, with one quarter of the options vesting on March 31st of each year. Options granted to Paul Reynolds, as senior management, vest 20% on August 31, 2012, 30% on August 31, 2013 and 50% on August 31, 2014.

Options

Exercise Price (c)

Grant date

Expiry date

Paul Reynolds

117,318 options

$9.47

August 31, 2009

August 31, 2016

Charles Bralver

25,000 options

$8.39

August 31, 2010

March 31, 2017

Massimo Carello

75,000 options (each grant was 25,0000 options )

1) $7.87

2) $7.21

3) $8.39

1) August 31, 2008

2) August 31, 2009

3)August 31, 2010

1) March 31, 2015

2) March 31, 2016

3) March 31, 2017

Michael Harris

100,000 options

(each grant was 25,0000 options )

1) $23.131

2) $9.48

3) $7.21

4) $8.39

1) May 16, 2007

2) June 13, 2008

3) May 20, 2009

4) August 31, 2010

1) March 31, 2014

2) March 31, 2015

3) March 31, 2016

4) March 31, 2017

William Eeuwes

100,000 options

(each grant was 25,0000 options )

1) $23.131

2) $9.48

3) $7.21

4) $8.39

1) May 16, 2007

2) June 13, 2008

3) May 20, 2009

4) August 31, 2010

1) March 31, 2014

2) March 31, 2015

3) March 31, 2016

4) March 31, 2017

Terrence Lyons

100,000 options

(each grant was 25,0000 options)

1) $23.131

2) $9.48

3) $7.21

4) $8.39

1) May 16, 2007

2) June 13, 2008

3) May 20, 2009

4) August 31, 2010

1) March 31, 2014

2) March 31, 2015

3) March 31, 2016

4) March 31, 2017

Michael Walker

100,000 options

(each grant was 25,0000 options)

1) $23.131

2) $9.48

3) $7.21

4) $8.39

1) May 16, 2007

2) June 13, 2008

3) May 20, 2009

4) August 31, 2010

1) March 31, 2014

2) March 31, 2015

3) March 31, 2016

4) March 31, 2017

Class of relevant security in relation to which subscription right exists:

Common Shares

Details, including nature of the rights concerned and relevant percentages:

1) Restricted Share Units ("RSUs"):

The restricted share units vest as common shares, on a one for one basis, over a three year period, with one third vesting each year. Upon the vesting of the restricted share units, the common shares have voting rights. The following directors hold RSUs:

David Kassie: 37,797 RSUs

Paul Reynolds: 204,668 RSUs

2) Deferred Share Units ("DSUs"):

A DSU is a bookkeeping entry that tracks the value of one Common Share. DSUs are paid out in cash when the director leaves the Board of Directors. The following directors hold DSUs:

Charles Bralver: 251 DSUs

Massimo Carello: 251 DSUs

William Eeuwes: 501 DSUs

Michael Harris: 1,102 DSUs

Terrence Lyons: 801 DSUs

Michael Walker: 501 DSUs

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the party to the offer making the disclosure or any person acting in concert with it:

If there are no such agreements, arrangements or understandings, state "none"

None

Details of any agreement, arrangement or understanding, formal or informal, between the party to the offer making the disclosure, or any person acting in concert with it, and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

None

Supplemental Form 8 (Open Positions)

No

Supplemental Form 8 (SBL)

No

Date of disclosure:

August 30, 2011

Contact name:

Julia Gray

Telephone number:

(416) 687-5315