An anonymous representative of CG Employee Group reports

MANAGEMENT-LED BIDDING GROUP PROVIDES UPDATES REGARDING OFFER TO ACQUIRE COMMON SHARES OF CANACCORD GENUITY GROUP

1373113 B.C. Ltd. and a management-led group consisting of officers and employees of Canaccord Genuity Group Inc. and its subsidiaries that have offered to acquire all of the issued and outstanding common shares of the company (other than certain common shares beneficially owned by the CG Employee Group) have provided certain updates in relation to the offer.

The offerors are assessing the impact of the developments regarding the regulatory approval process for the offer announced by the company on May 8, 2023, including that certain regulatory approvals for a change in control that are conditions to the offer will likely not be received in a timely enough manner to permit completion of the offer prior to its current expiry time of 11:59 p.m. EST on June 13, 2023, and may not be received prior to expiration of the offeror's financing commitments for the offer on Aug. 9, 2023. The offerors are not currently in a position to make, and have not made, any determinations at this time, but will continue to consider, as further information is made available, any options presently or that may become available to them in connection with the developments. As a result of the developments, there can be no assurance that the offer will be completed or, if completed, what the terms and conditions of the offer might be. The offerors do not expect nor intend to provide any further updates in connection with the developments, unless as may be required by applicable law.

The offeror also confirms that, as disclosed in the company update, it has, at the request of the special committee of the board of directors of the company, agreed that it will no longer be a condition of the offer that the company not commence any process, proposal, plan or intention related to the sale of a material asset of the company.

The offeror expects to file and mail a notice of variation and/or change with respect to the foregoing during the week of May 8, 2023.

About the offer

The offer to acquire all of the issued and outstanding common shares of the company (other than certain common shares beneficially owned by the CG Employee Group) at a price of $11.25 per common share is open for acceptance until 11:59 p.m. EST on June 13, 2023, unless extended, accelerated or withdrawn.

The offer is subject to a number of conditions that are set out in the offer and takeover bid circular and related offer documents. Subject to applicable law, the offeror reserves the right to withdraw, accelerate or extend the offer and to not take up and pay for any common shares deposited under the offer unless each of the conditions of the offer is satisfied or, where permitted, waived by the offeror at or prior to the expiry of the offer. Where permitted by applicable law, any waiver of a condition, withdrawal of the offer or variation to the terms of the offer will be effective upon written notice to the company's depositary and information agent, Kingsdale Advisors, to then communicate such notice to registered holders of common shares and holders of convertible securities of the company. Any such written notice delivered to the company's depositary and information agent will be publicly announced by the offeror promptly thereafter.

Shareholders are strongly encouraged to read the offer documents carefully and in their entirety since they contain additional important information regarding the terms and the conditions of the offer, as well as detailed instructions on how shareholders can tender their common shares to the offer.

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