Canada

Canaccord Genuity's traditional stronghold, Canada, faced challenging market conditions during fiscal 2013, but despite this environment our Canadian operations continued to contribute prominently to the division's results – providing 38% of Canaccord Genuity's total revenue.

In Canada, Canaccord Genuity generated $204.3 million of revenue during fiscal 2013. Much of our success in Canada can be attributed to advisory activity this year. In fact, fiscal 2013 marked the third consecutive year the Canadian advisory practice earned record revenue. At $90.0 million, advisory revenue was 14% higher than the previous record set last year. Several large, high-profile Canadian transactions led by Canaccord Genuity this year highlight the value our clients are recognizing from our deep expertise and global investment banking reach:

• Viterra Inc. on its acquisition by Glencore International plc
• Yellow Media Ltd. on its C$2.8 billion recapitalization
• Primaris on its hostile defence and sale to H&R REIT and KingSett Capital

Underwriting activity remained fairly subdued in Canada for much of fiscal 2013. Despite this, Canaccord Genuity led or co-led 59 transactions in Canada over $1.5 million, raising over $1.4 billion for clients. Including transactions we led, Canaccord Genuity participated in 288 transactions in Canada, with total proceeds of $23.7 billion.

The quality of our Canadian research was also evident this year, with the firm and numerous analysts winning industry awards. Canaccord Genuity was recognized as Canada's top independent investment dealer by the 2012 Brendan Wood International Canadian Institutional Equity Report for providing the top investment ideas, and ranked fifth of all investment dealers. Individually, Canaccord Genuity's Canadian research analysts were awarded nine top-five rankings for their research in specific sectors. In particular, we were ranked first for our coverage of banks and first for our coverage of insurance companies.

In Canada, Canaccord Genuity achieved its third consecutive record year for advisory revenue, generating $90.0 million of revenue.

M&A AND ADVISORY RANKINGS

(C$ millions, fiscal 2013. Transactions announced and completed in Canada by Canadian investment banks)

Rank	Advisor	Total deal size	Average deal size	Deal count
1	RBC Capital Markets	$      67,289	$        701	96
2	BMO Capital Markets	52,620	797	66
3	Scotiabank	36,812	1,023	36
4	TD Securities	35,398	787	45
5	CIBC	30,924	736	42
6	Canaccord Genuity Corp.	17,953	544	33
7	National Bank Financial Inc.	17,074	683	25
8	GMP Securities	7,325	271	27
9	FirstEnergy Capital Corp.	4,602	460	10