Mr. Tony Rautava reports

PENDER GROWTH FUND INC. AND PENDER PRIVATE INVESTMENTS INC. ANNOUNCE EFFECTIVE DATE FOR PLAN OF ARRANGEMENT

Further to their press release dated June 23, 2023, the statutory plan of arrangement under the Business Corporations Act (British Columbia) involving Pender Growth Fund Inc., Pender Private Investments Inc. (PPI) and holders of PPI's legacy shares, other than PGF (the minority shareholders), has received approval by the minority shareholders and the British Columbia Supreme Court.

It is anticipated that the date of completion (the effective date) for the plan of arrangement will be Aug. 17, 2023. In accordance with the terms of the plan of arrangement, the net asset value of PPI's portfolio was recalculated on Aug. 10, 2023 (being five business days prior to the effective date) and the purchase price has been determined to be $6.9418 per legacy share for an aggregate purchase price of approximately $855,490, all of which will be paid in cash.

About Pender Growth Fund Inc.

PGF's objective is to achieve long-term capital appreciation for its investors. PGF utilizes its small capital base and long-term horizon to invest in unique situations; primarily small cap, special situations, and illiquid public and private companies. PGF trades on the TSX Venture Exchange under the symbol PTF.

About Pender Private Investments Inc.

Pender Private Investments is an investment entity with a portfolio of technology companies that was acquired by PGF through the acquisition of another venture capital fund.

We seek Safe Harbor.