CPLF Copperleaf Technologies Inc

(TSXV: PTF) Pender Growth Fund Inc. ("Pender" or the "Company") and Pender Private Investments Inc. ("PPI") are pleased to report that portfolio company, Copperleaf Technologies Inc. ("Copperleaf"), confirmed the terms of its Initial Public Offering (“IPO”) on the TSX Exchange under the symbol “CPLF”.

Copperleaf provides decision analytics to companies managing critical infrastructure. Its enterprise software solutions leverage operational and financial data to help clients make investment decisions that deliver the highest business value. Copperleaf confirmed it will issue shares at $15.00 per share for total gross proceeds of $140.1 million. Pender directly holds 257,759 shares and owns 97% of PPI which holds 7,406,124 shares, all of which are subject to a 180 day lock up period. The IPO pricing of $15.00 per share, would result in an increase to the Reporting NAV of Pender’s portfolio of approximately $4.75 per share, for total Reporting NAV of approximately $16.99 per share.

Under the terms of this IPO, Copperleaf will earn unicorn status with a public listing at greater than a billion-dollar valuation, which recognizes the significant value creation over the years. Maria Pacella led a private financing round in 2010 and worked with the company over the years contributing strategic and tactical support. “Judi Hess and her team have built Copperleaf into a globally recognized company providing high business value to its customers – having never lost a customer that has implemented its software is remarkable, and evidence of this,” commented Maria Pacella, Managing Partner at Pender Ventures.

Rolf Dekleer, Vice President, Pender Ventures who is currently and will continue on the Board of Copperleaf reflected, "Through excellent customer service and product innovation, Copperleaf has become the premier supplier of decision analytics software for organizations managing critical infrastructure. The Copperleaf management team set their sights on aggressive growth and product development targets and have exceeded their customers’ expectations.”

PGF and PPI are also pleased to report that the previously announced potential exits of two PPI portfolio companies, Teradici Corporation and Redlen Technologies Inc., are now closed and were accounted for in the September 30, 2021 Reporting NAV per share.

About Pender Growth FundPender Growth Fund’s objective is to achieve long-term capital appreciation for its investors. 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 Company trades on the TSX Venture Exchange under the symbol "PTF".

Please visit www.pendergrowthfund.com.

About Pender Private InvestmentsPender Private Investments is an investment entity with a portfolio of technology companies that was acquired by Pender through the acquisition of another venture capital fund.

For further information, please contact:

Tony RautavaPenderFund Capital Management Ltd.(604) 653-9625Toll 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.

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 the Company’s Net Asset Value (“NAV”) per share including the proportionate share of the NAV of Pender Private Investments Inc. (“PPI”).

Forward-Looking Information

This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws (together, “forward-looking statements”). Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", "potential" or similar terminology. These statements are based on the Company’s and PPI’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding completion of the IPO. 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, failure to satisfy the closing conditions of the IPO. 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.