Mr. Tony Rautava reports

PENDER GROWTH FUND INC. AND PENDER PRIVATE INVESTMENTS INC. ANNOUNCE CLOSING OF PLAN OF ARRANGEMENT

Further to Pender Growth Fund Inc. and Pender Private Investments Inc.'s press release dated Aug. 15, 2023, Pender Growth Fund has acquired all of the outstanding legacy shares not previously owned by it pursuant to statutory plan of arrangement under the Business Corporations Act (British Columbia). As a result of the plan of arrangement, Pender Private is now a wholly owned subsidiary of Pender Growth Fund.

Under the terms of the plan of arrangement, holders of legacy shares other than Pender Growth Fund will receive $6.9418 per legacy share for an aggregate purchase price of approximately $855,490, all of which will be paid in cash. Minority shareholders are expected to receive payment on or about Aug. 22, 2023.

About Pender Growth Fund Inc.

Pender Growth Fund's objective is to achieve long-term capital appreciation for its investors. It 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. Pender Growth Fund 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 Pender Growth Fund through the acquisition of another venture capital fund.

We seek Safe Harbor.