Company Profile For Canaccord Capital Inc.

Canaccord Capital Inc is an independent full-service investment dealer in Canada with capital market operations in the United Kingdom and the United States. The Company has operations in each of the two segments of the securities industry: capital markets and private client services. The Company operates in two industry segments: Canaccord Adams, which includes investment banking, research and trading activities on behalf of corporate, institutional and government clients, as well as principal trading activities in Canada, the United Kingdom and the United States; and Private Client Services, which provides brokerage services and investment advice to retail or private clients in Canada and the United States. Corporate and other includes correspondent brokerage services, interest and foreign exchange revenue and expenses not specifically allocable to Private Client Services and Canaccord Adams.

BRIEF: For the six months ended 30 June 2009, Canaccord Capital Inc.'s revenues decreased 20% to C$137.5M. Net loss decreased 45% to C$9.1M. Revenues reflect decreased income from investment banking due a drop in capital market activity, lower interest income and decreased income from commission. Net loss also reflects a decrease in incentive compensation expenses, lower general & administrative expenses and decrease in interest expense.