Mr. Tony Rautava reports

PENDER GROWTH FUND INC. APPOINTS NEW DIRECTOR TO THE BOARD

Pender Growth Fund Inc. has added Derek Hemmes to its board of directors, with immediate effect.

With over two decades of entrepreneurial and management experience, Mr. Hemmes brings a wealth of knowledge and expertise to the Pender Growth Fund board. In 2001 he co-founded one45 Software, where he served as chief executive officer until its acquisition by Cytiva Software in 2008. Subsequently, he assumed the role of vice-president of product development on Cytiva's executive team until it was acquired by Taleo Corp. in 2011. He went on to co-found eRezLife Software, becoming its chief operating officer, a position he held until the company's acquisition in 2021.

Throughout his career, Mr. Hemmes has held a number of board positions, serving on the boards of one45 from 2001 to 2021, eRezLife from 2001 to 2021 and BasicGov from 2015 to 2019. His involvement in these organizations underscores his commitment to driving growth, innovation and strategic development.

Mr. Hemmes holds a bachelor of science degree from the University of British Columbia with a major in biopsychology, accompanied by minors in commerce and computer science. He also pursued business studies at Curtin University.

Mr. Hemmes is a valued addition to the Pender Growth Fund board and his extensive experience and strategic vision will undoubtedly contribute to the continued success and growth of the organization.

About Pender Growth Fund Inc.

Pender Growth Fund's objective is to achieve long-term capital appreciation for its investors. Pender Growth Fund 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.