Mr. David Kassie reports

STATEMENT FROM THE BOARD OF DIRECTORS OF CANACCORD GENUITY GROUP INC.

Canaccord Genuity Group Inc.'s Paul Reynolds has passed away in Kona, Hawaii, following complications related to a health incident while competing in a triathlon. Mr. Reynolds was 52 years old and leaves behind his wife, four children and his extended family. Following a heartfelt motion of appreciation and sympathy to Mr. Reynolds's family and friends, the board appointed David Kassie to the position of chief executive officer with immediate effect. With the support of a carefully selected leadership team, Mr. Reynolds confidently led Canaccord Genuity from its roots as a Canadian-based brokerage through numerous initiatives and transactions to become a leading independent global investment bank. Since becoming chairman in 2010, Mr. Kassie has worked closely with Mr. Reynolds and has been actively engaged in the development and implementation of the current corporate strategy. The board is confident that Mr. Kassie has the necessary experience to lead the company forward. Looking ahead, Mr. Kassie will be actively engaged with the corporate governance committee of the board in the succession planning process.

"This is a difficult day for everyone at Canaccord Genuity. As the architect of our firm's global transformation, Paul's distinct style of partnership, friendship and respect over three decades of commitment is just part of the legacy he leaves us all," said Mr. Kassie. "On behalf of all employees and the board of directors, I extend our deepest condolences and support to Paul's family and to the many people who came to know him as a colleague, mentor and friend."

The family would like to thank everyone who has sent e-mails offering support, comfort and prayers.