NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS

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). 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 SPOUSE - JOANNE BROWN PETER M. BROWN

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 4.

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 PETER M. BROWN: 1,206,946 PURCHASES IN OPEN MARKET

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 0.015% 15,000 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 DECEMBER 10, 2012 $5.416 CANADIAN VANCOUVER, CANADA 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 DECEMBER 11, 2012 percentage) PETER M. BROWN: 1,221,946/1.19% THE FIGURE ABOVE INCLUDES SHAREHOLDINGS OWNED BY MR. BROWN'S SPOUSE

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, GENERAL COUNSEL AND CORPORATE SECRETARY Date of Notification DECEMBER 11, 2012

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 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 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 boxes1 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) shouldcomplete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.