TRANSACTION SUMMARY

On 3 February 2021, Canaccord Genuity Group Inc. (TSX:CF), (“Canaccord”) announced that HPS Investment Partners, LLC ("HPS") has agreed to invest in Canaccord's UK wealth management division and acquire £125m Convertible Preferred Shares to be issued by Canaccord Genuity Wealth Group Holdings (Jersey) Limited ("CGWM UK").

The Convertible Preferred Shares represent (on an as converted basis) a 21.93% equity interest in CGWM UK. Cumulative dividends are payable by CGWM UK on the Convertible Preferred Shares at the greater of an annual 7.5% coupon and the proportionate share that such shares would receive, on an as converted basis, in respect of dividends paid to Canaccord by CGWM UK.

The net cash proceeds from the sale of the Convertible Preferred Shares of approximately £120 million will be distributed by CGWM UK to Canaccord and used by Canaccord for corporate purposes to optimize shareholder value.

CGWM UK

CGWM UK is the parent company of Canaccord's wealth management operating subsidiaries in the UK, the Channel Islands and in the Isle of Man. CGWM UK offers a comprehensive range of private client investment management, wealth planning and fund management services. CGWM UK was established following the acquisition of Collins Stewart Hawkpoint plc in 2012. CGWM UK had £29.7bn of AUM as at December 2020.

CANACCORD GENUITY GROUP

Canaccord is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Canaccord has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Canaccord's international capital markets division operates in North America, UK & Europe, Asia, Australia and the Middle East.

HPS INVESTMENT PARTNERS

HPS is a leading global investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for its clients. HPS has over US$68 billion of assets under management invested in both large and small companies across a variety of industries and sectors.

ROLE

SHP acted as financial adviser to Canaccord on the investment by HPS in CGWM UK.