Pender Growth Fund Board of Directors

Ian D. Power, Independent Director, Chair of Audit Committee

Mr. Power has been a Chartered Accountant in Vancouver for over 28 years. A graduate of the University of British Columbia, Mr. Power qualified for his Chartered Accountant designation and practiced public accounting with Arthur Anderson & Co for five years. Mr. Power has been Chief Financial Officer of a number of Vancouver based high technology companies including Norsat International, Starcom International Inc. and Brookdale International Systems Inc. Mr. Power was also the Chief Financial Officer of the Fund from inception until May 2003. Mr. Power was also Chief Financial Officer of Strand Capital Corp, a real estate development finance company focused on the Western United States, from September 2002 to February 2007. Mr. Power serves on the board of directors of Radiant Communications Inc. and CloudBench Applications Inc. Mr. Power is the chairman the Fund's Audit Committee.

Wendy Porter, Independent Director, Chair of Investment Committee

Ms. Porter holds an MBA degree from the Schulich Business School at York University Ms. Porter currently provides consulting and contract services in the areas of strategy, compensation, electronic payments and financial services for national and international clients. Ms. Porter held several senior positions with the Bank of Montreal from 1986 to 2000 and with Moneris Solutions (a joint venture of the Merchant Services Divisions of the Royal Bank of Canada and the Bank of Montreal) during 2000 and 2001. From 2002 to 2004, Ms. Porter was the President of Vital Merchant Services of Sacramento, California. Ms. Porter currently serves on the board of directors of Vivonet Inc. and assists various technology companies with strategic matters. Ms. Porter is Chair of the Fund’s
Investment Committee.

Art Aylesworth, Independent Director

Mr. Aylesworth is a lifelong entreprenuer and business leader with almost 30 years experience in building early stage companies into market leaders. Most recently as the CEO of Carmanah Technologies Corp. (“Carmanah”) he led that start up from $1M to $60M in annual revenues over a six year period and established Carmanah as a prominent worldwide company involved in the manufactured solar/LED lighting technology and products. Mr. Aylesworth is the Chair of VIATeC in Victoria BC and a board member of the BCTIA and maintains a very high profile within the BC Technology Community. He is currently the President of Osprey Management Ltd. and is actively involved as an investor, board member and strategist in several technology companies in British Columbia and the United States.