News Release: Pender Leadership Transition

PenderFund Capital Management Ltd. (“Pender”) is pleased to announce that David Barr has been appointed President and Chief Executive Officer and Kelly Edmison, the former CEO, has been appointed Chairman.

This is the culmination of a three year succession plan which has seen a number of individuals within the company advance to more senior roles. The final part of the plan is the logical progression of Mr. Barr, taking over the President and CEO titles from Kelly Edmison, who will remain as a partner and Chairman of Pender. “Dave has been leading the business for a number of years, so it makes complete sense for him to become President and CEO. Having Pender led by a professional investor safeguards our unitholders and the direction of our business, which has been so successful to date,” said Kelly Edmison.

Mr. Barr’s current role as Chief Investment Officer will be split into two, with Felix Narhi being promoted to the position of Co-Chief Investment Officer alongside Mr. Barr. “Felix is a thoughtful investor, and has made a significant contribution to the investment team as it has grown in recent years, particularly with his mentorship of our investment analysts. I value his insight and analytical approach, and am looking forward to working alongside him,” said Mr. Barr. These changes are effective immediately.