CANACCORD RELIEF PROGRAM SUMMARY

What is it?
Canaccord Relief is a program to repurchase eligible client’s ABCP investments. It combines a third-party market bid with a Canaccord-funded top-up to achieve par value. Clients will remain entitled to receive any unpaid interest to the extent it is payable pursuant to the restructuring plan. Canaccord also will reimburse the share of the overall restructuring costs borne by our eligible clients.

The program is dependent upon a successful restructuring of the ABCP market as per the Pan-Canadian Investor Committee proposal.

Who is eligible?
Canaccord clients who hold in aggregate $1 million or less of ABCP are eligible for this program.

Why should I trust the plan?
All funds necessary to fund the repurchases of notes will be committed to escrow. The Program’s only major condition is the successful completion of the restructuring process.

How does the program work?
Eligible clients will be required to execute assignments of all the notes they will receive on the implementation of the restructuring – this will effectively ‘sell’ or ‘transfer ownership’ of these notes to Canaccord in return for their par value. These assignments will only be effective on payment in full of the purchase price by Canaccord to the investor.

When will this happen?
The closing of this transaction between Canaccord and the client noteholder will take place as soon as possible following the closing of the restructuring, but not more than 20 business days after the completion of the distribution of restructured notes in accordance with the Pan-Canadian Investor Committee plan. The Committee restructuring plan is currently scheduled to close at the end of May 2008.

What do I do now?
Contact your Investment Advisor and look for updates on www.canaccordrelief.com. Further information on the specific steps involved in the Canaccord Relief Program will be available in the near term.