Pender Growth Fund ^Investor

Pender Growth Fund (VCC) Inc. (the Fund), operating under the B.C. Small Business Venture Capital Act (SBVCA), invests in Eligible Small Businesses (ESB) with the objective of long term capital appreciation. Generally speaking, ESBs are technology companies based in British Columbia with fewer than 100 employees. Shareholders received a 30% BritishColumbia tax credit at the time of subscription. Since its inception in 2003, the Fund has invested in a diversified portfolio of investments principally in the information technology and communications sectors.