Vancouver, British Columbia – November 21, 2025 – PenderFund Capital Management Ltd. (“Pender”) is pleased to announce that, further to its news release dated September 15, 2025, unitholders of the classes below have approved the proposed fee changes (the “Fee Changes”) to certain classes of its mutual funds (the “Funds”) at special meetings held on November 21, 2025 (the “Meetings”). Upon implementation, the Fee Changes will result in lower or equivalent Management Expense Ratios, before taxes, for our investors.

Pender expects that the Fee Changes on the above classes will be implemented on or about December 5, 2025. Additional information regarding the Fee Changes is contained in the management information circular dated October 20, 2025, which is available on www.sedarplus.ca and https://penderfund.com/legal-financial/.

Unitholders of the classes below did not approve the proposed Fee Changes. As a result, the Fee Changes for these classes will not be implemented.

Class Closures
Further to Pender’s news releases on September 15, 2025, October 1, 2025 and October 22, 2025, Pender also announces that it will terminate certain classes of its Funds (each, a “Terminating Class” and collectively, the “Class Closures”) on or about December 5, 2025 with the exception of the classes below.

Under the Class Closures, unless a unitholder of a Terminating Class elects to redeem their units, such units will be converted into units of another class of the same Fund. A Termination Notice with more information has been mailed to unitholders of each Terminating Class. The Termination Notices are also available on Pender’s website at https://penderfund.com/legal-financial/.

The above changes will be reflected in the upcoming amendment to the simplified prospectus for the Pender Funds, which will be available on www.sedarplus.ca and https://penderfund.com/legal-financial/.

Unitholders may contact Pender with respect to any questions or if they need any assistance by contacting Pender at 1-866-377-4743 or at info@penderfund.com.

About PenderFund Capital Management Ltd.
Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage a suite of differentiated investment funds, exploiting inefficient parts of the investing universe to achieve our goal.
Please visit www.penderfund.com.
Please read important disclosures at www.penderfund.com/disclaimer.

For further information, please contact:
Melanie Moore
Vice President of Marketing, PenderFund Capital Management Ltd.
mmoore@penderfund.com
(604) 688-1511
Toll Free: (866) 377-4743

Forward-Looking Information
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “expect”, “proposed” or “intend” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements in this news release include, without limitation, statements regarding the implementation of the Fee Changes and Class Closures and the timing thereof, and the filing of the related amendment to the simplified prospectus, and the timing thereof. These statements are only predictions. Forward-looking statements are based on the opinions and estimates of the manager at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

In making the forward-looking statements in this news release, Pender has applied several material assumptions, including without limitation, the current and future social, economic and political conditions.  Although Pender has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those expressed or implied in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Pender does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. Readers are encouraged to read the Funds’ continuous disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.

© Copyright PenderFund Capital Management Ltd. All rights reserved. November 2025.