| Class C Nav | October 29, 2021 |
| Reporting NAV Per Share * | $24.66 |
| Discount and deferred Gain net of fees | 2.43 |
| IFRS Shareholders’ Equity Per Share | $27.09 |
| * “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 PTF’s Net Asset Value (“NAV”) per share including the proportionate share of the NAV of Pender Private Investments Inc. (“PPI”). The calculation of Reporting NAV uses two financial measures that are individually recognized under IFRS, assets and liabilities, and adjusts them to include PTF’s proportionate ownership share of PPI’s NAV. PTF acquired its share of PPI’s portfolio at a discount of 43.5% to fair value. Under IFRS, the gain on this acquisition at a discount, is treated as a deferred gain and total shareholders’ equity per share for financial reporting purposes excludes this deferred gain and the deferred gain will be recognized to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the investment. The calculation of Reporting NAV does not include potential future taxes associated with unrealized capital gains and from time to time it may reflect valuation discounts that are more conservative than those permitted under IFRS. We believe that Reporting NAV is a useful indicator of the value and condition of our business. Reporting NAV is a non-IFRS financial measure and does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. Please refer to the Company’s AIF for more information. |
| Pender Growth Fund is a taxable Canadian corporation therefore NAV is shown net of current income taxes. However, the NAV does not include potential future taxes associated with unrealized capital gains. |
| Asset Class | Alternative Strategies |
| Inception Date | July 26, 2010 |
| Valuation Frequency | Monthly |
| Management Fee | 2.50% on the first $15 million of net assets; 1.75% on net assets over $15 million. |
| Performance Fee | 20% with a hurdle rate of 6% subject to a high water mark. |
