Fees & Fund Codes

Pender Alternative Absolute Return Fund

Class	Code	Description	Management Fee	MER* before performance fee	MER*	Performance Fee	Hurdle Rate	High Water Mark	Trailer Fee
Class A	PGF 2000	Front End	1.80%	2.55%	2.55%	15%	3%	Yes	1.00%
Class F	PGF 2010	Fee Based	0.80%	1.42%	1.61%	15%	3%	Yes	–
Class H	PGF 2040	Front End – HNW	1.50%	2.17%	2.18%	15%	3%	Yes	0.85%
Class I	PGF 2050	Fee Based – HNW	0.65%	1.23%	1.51%	15%	3%	Yes	–
Class A – US	PGF 2001	Front End	1.80%	2.41%	2.59%	15%	3%	Yes	1.00%
Class F – US	PGF 2011	Fee Based	0.80%	1.37%	2.11%	15%	3%	Yes	–
Class H – US	PGF 2041	Front End – HNW	1.50%	2.11%	2.31%	15%	3%	Yes	0.85%
Class I – US	PGF 2051	Fee Based – HNW	0.65%	1.40%	2.20%	15%	3%	Yes	–

^{*As at 2023-06-30. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.}

Pender Alternative Arbitrage Fund

Class	Code	Description	Management Fee	MER* before performance fee	MER*	Performance Fee	High Water Mark	Trailer Fee
Class A	PGF 2100	Front End	1.80%	2.46%	2.46%	15%	Yes	1.00
Class F	PGF 2110	Fee Based	0.80%	1.42%	1.48%	15%	Yes	–
Class H	PGF 2140	Front End – HNW	1.50%	2.10%	2.10%	15%	Yes	0.85%
Class I	PGF 2150	Fee Based – HNW	0.65%	1.24%	1.37%	15%	Yes	–
Class F – US	PGF 2111	Fee Based	0.80%	1.41%	1.51%	15%	Yes	–
Class I – US	PGF 2151	Fee Based – HNW	0.65%	1.21%	1.40%	15%	Yes	–

Pender Alternative Arbitrage Plus Fund

Class	Code	Description	Management Fee	MER* before performance fee	MER*	Performance Fee	High Water Mark	Trailer Fee
Class A	PGF 2200	Front End	1.80%	2.42%	2.42%	15%	Yes	1.00%
Class F	PGF 2210	Fee Based	0.80%	1.37%	1.37%	15%	Yes	–
Class I	PGF 2250	Fee Based – HNW	0.65%	1.21%	1.21%	15%	Yes	–
Class F – US	PGF 2211	Fee Based	0.80%	1.37%	1.37%	15%	Yes	–
Class I – US	PGF 2251	Fee Based – HNW	0.65%	1.19%	1.19%	15%	Yes	–

Pender Alternative Multi-Strategy Income Fund

Class	Code	Description	Management Fee	MER* before performance fee	MER*	Performance Fee	Hurdle Rate	High Water Mark	Trailer Fee
Class A	PGF 1200	Front End	1.80%	2.56%	2.56%	15%	3%	Yes	1.00%
Class F	PGF 1210	Fee Based	0.80%	1.47%	1.64%	15%	3%	Yes	–
Class I	PGF 1250	Fee Based – HNW	0.65%	1.29%	1.49%	15%	3%	Yes	–

Pender Alternative Special Situations Fund

Class	Code	Description	Management Fee	MER* before performance fee	MER*	Performance Fee	Hurdle Rate	High Water Mark	Trailer Fee
Class A	PGF 1500	Front End	1.95%	0.00%	0.00%	15%	6%	Yes	1.00%
Class F	PGF 1510	Fee Based	0.95%	0.00%	0.00%	15%	6%	Yes	–
Class H	PGF 1540	Front End – HNW	1.65%	0.00%	0.00%	15%	6%	Yes	0.85
Class I	PGF 1550	Fee Based – HNW	0.80%	0.00%	0.00%	15%	6%	Yes	–

^{*MER was NIL at at 2023-06-30 due to waiver of fees.}

Pender Bond Universe Fund

Class	Code	Description	Management Fee	MER*	Trailer Fee
Class A	PGF 1400	Front End	0.60%	1.18%	0.35%
Class F	PGF 1410	Fee Based	0.10%	0.65%	–
Class F – US	PGF 1411	Fee Based	0.10%	0.63%	–

Pender Corporate Bond Fund

Class	Code	Description	Management Fee	MER*	Trailer Fee
Class A	PGF 500	Front End	1.40%	2.07%	0.80%
Class F	PGF 510	Fee Based	0.60%	1.19%	–
Class U	PGF 518	Fee Based	0.60%	1.24%	–
Class H	PGF 540	Front End-HNW	1.10%	1.73%	0.65%
Class I	PGF 550	Fee Based-HNW	0.45%	1.03%	–
Class A – US	PGF 501	Front End	1.40%	2.05%	0.80%
Class F – US	PGF 511	Fee Based	0.60%	1.18%	–
Class H – US	PGF 541	Front End-HNW	1.10%	1.76%	0.65%
Class I – US	PGF 551	Fee Based-HNW	0.45%	1.04%	–

Pender Partners Fund

Class	Code	Description	Management Fee	MER*	Trailer Fee
Class A	PGF 1100	Front End	1.85%	2.49%	1.00%
Class F2	PGF 1113	Fee Based	0.85%	1.42%	–
Class I	PGF 1150	Fee Based-HNW	0.70%	1.26%	–

^{*As at 2022-12-31. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.}

Pender Small Cap Opportunities Fund

Class	Code	Description	Management Fee	MER* before performance fee	MER*	Trailer Fee
Class A	PGF 315	Front End	1.95%	2.64%	2.64%	1.00%
Class F	PGF 320	Fee Based	0.95%	1.60%	1.60%	–
Class B	PGF 380	Front End	1.95%	2.65%	2.65%	1.00%
Class G	PGF 390	Fee Based	0.95%	1.59%	1.59%	–

Pender Small/Mid Cap Dividend Fund

Class	Code	Description	Management Fee	MER*	Trailer Fee
Class A	PGF 1300	Front End	1.95%	2.59%	1.00%
Class F	PGF 1310	Fee Based	0.95%	1.55%	–
Class H	PGF 1340	Front End-HNW	1.65%	2.26%	0.85%
Class I	PGF 1350	Fee Based-HNW	0.80%	1.37%	–

Pender Strategic Growth and Income Fund (formerly Pender Enhanced Income Fund)

Class	Code	Description	Management Fee	MER*	Trailer Fee
Class A	PGF 1000	Front End	1.70%	2.35%	1.00%
Class F	PGF 1010	Fee Based	0.70%	1.28%	–
Class H	PGF 1040	Front End-HNW	1.40%	0.07%	–
Class I	PGF 1050	Fee Based-HNW	0.55%	1.11%	–

Pender Value Fund

Class	Code	Description	Management Fee	MER*	Trailer Fee
Class A	PGF 200	Front End	1.85%	2.51%	1.00%
Class F	PGF 210	Fee Based	0.85%	1.46%	–
Class H	PGF 240	Front End-HNW	1.55%	2.20%	0.85%
Class I	PGF 250	Fee Based-HNW	0.70%	1.29%	–