Mr. Ampere Chan reports

PENDER GROWTH FUND ANNOUNCES THE MERGER OF PENDER SOFTWARE HOLDINGS AND ACORN PARTNERS

A merger has been entered between Pender Growth Fund Inc.'s Pender Software Holdings Ltd. and Acorn Partners Inc. With this merger, the Acorn team joins Pender Software to further its aim of becoming the go-to capital partner for exceptional software companies.

The merger of the Acorn team with Pender Software fuses the proven acquisition expertise of both parties, and brings additional operational expertise, positioning Pender Software to focus entirely on expanding the portfolio and driving long-term value creation. This alignment strengthens Pender Software's ability to scale its operations and execute strategic acquisitions, enabling its portfolio of software businesses to reach their potential.

Pender Software is dedicated to empowering management teams, driving operational excellence and delivering value to all stakeholders. It aims to partner with outstanding management teams with a mandate to scale effectively, enhance customer satisfaction and compound cash flows. By leveraging a strategic operational framework and a long-term investment horizon, Pender Software is committed to enabling its portfolio companies to achieve sustained success.

Pender Software is actively seeking opportunities to acquire high-quality software companies as new investments or add-ons to its portfolio of companies in Canada, the United States and the United Kingdom.

About Pender Growth Fund Inc.

Pender Growth is an investment firm. Its investment objective is to achieve long-term capital growth. The company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small-capitalization, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol PTF and posts its net asset value on its website, generally within five business days of each month-end.

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