Pender Growth Fund Announces Inclusion in the 2022 TSX Venture 50

Pender Growth Fund Inc. (the "Company" or "PTF") (TSXV: PTF) is pleased to announce that it has been included in the 2022 TSX Venture 50. The ranking is made up of top performing companies across five sectors, with PTF placing in the diversified industries sector based on three equally weighted criteria assessed during 2021: Share price, trading volume and market capitalization. This is the second time the Company has been included in the TSX Venture 50.

TSX Venture 50 – Pender Growth Fund Inc. Profile Video:
https://vimeo.com/marketonemediagroup/review/673313190/be8ca619f0

David Barr, CEO of PTF said, "It is an honour to be included in the TSX Venture 50. We are also investors in TSX Venture listed companies and several of our holdings have been recognized with this same award over the years. It is because of the continued success of these companies that we have been recognized today so I would like to thank the management teams of our portfolio companies for helping us get here."

2021 was an exciting year for the companies within the PTF portfolio. Three private holdings went public: Tantalus Systems Holdings Inc. (TSX: GRID), BuildDirect.com Technologies Inc. (TSXV: BILD), and Copperleaf Technologies Inc. (TSX: CPLF) which achieved unicorn status with its IPO at over a $1 billion valuation. The Company was also pleased to see private technology companies from its portfolio close on successful M&A transactions, which included: One45 Software Inc. (Altus Assessments Inc.), Redlen Technologies Inc. (Canon Inc.), and Teradici Corp. (HP Inc.).

During the past year, the Company also completed the acquisition of the majority of the shares of Working Opportunity Fund (EVCC) Ltd., a BC-based venture capital fund that was subsequently renamed Pender Private Investments Inc.

The Company saw share price appreciation in 2021 from $4.35 on December 31, 2020 to $18.00 a year later. Reporting Net Asset Value per share ¹ of the Company increased through the year as a result of its portfolio's performance, from $6.07 on December 31, 2020 to $24.62 a year later.

For the full TSX Venture 50 ranking, methodology and video profiles of the TSX Venture 50 companies visit: tsx.com/venture50 .

About Pender Growth Fund Inc.
Pender Growth Fund Inc 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 cap, special situations, and illiquid public and private companies. The firm invests in public and private companies based primarily in Canada and the U.S., principally in the technology sector. It trades on the TSX Venture Exchange under the symbol "PTF" and posts its Reporting NAV on its website, generally within five business days of each month end.

Please visit www.pendergrowthfund.com .

For further information, please contact:
Tony Rautava
Corporate Secretary
Pender Growth Fund Inc.
(604) 653-9625
Toll Free: (866) 377-4743

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

¹ "Reporting NAV per share" is a non-IFRS measure that the Company uses as a key indicator to evaluate the performance and condition of our business. It represents PTF's Net Asset Value ("NAV") per share including the proportionate share of the NAV of Pender Private Investments Inc. ("PPI"). The calculation of Reporting NAV uses two financial measures that are individually recognized under IFRS, assets and liabilities, and adjusts them to include PTF's proportionate ownership share of PPI's NAV. PTF acquired its share of PPI's portfolio at a discount of 43.5% to fair value. Under IFRS, the gain on this acquisition at a discount, is treated as a deferred gain and total shareholders' equity per share for financial reporting purposes excludes this deferred gain and the deferred gain will be recognized to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the investment. The calculation of Reporting NAV does not include potential future taxes associated with unrealized capital gains and from time to time it may reflect valuation discounts that are more conservative than those permitted under IFRS. We believe that Reporting NAV is a useful indicator of the value and condition of our business. Reporting NAV is a non-IFRS financial measure and does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. Please refer to the Company's AIF for more information.

Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company's decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the Company's annual information form available at www.sedar.com . There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.