The Manager

PenderFund Capital Management is a value-based, forward thinking fund manager with expertise in identifying investment opportunities in undervalued companies with the potential for significant capital appreciation.

Pender was founded in 2003 and is currently the Manager of Pender Balanced Fund, Pender Canadian Equity Fund, Pender Corporate Bond Fund, Pender Small Cap Opportunities Fund and Pender Growth Fund (VCC) Inc.

THE MANAGER

Fund Pricing

February 17, 2012

Class B (111, 112, 113): $4.56

Class R (121, 122, 123): $4.16

Class C (Price provided is based on the current NAV. To find market price please refer to PTF-V.): $.4