Ms. Melanie Moore reports

PENDER GROWTH FUND PORTFOLIO COMPANY, GENERAL FUSION, RECEIVES SHAREHOLDER APPROVAL FOR PROPOSED BUSINESS COMBINATION

Further to Pender Growth Fund Inc.'s Jan. 22, 2026, announcement of the proposed business combination of long-time holding General Fusion Inc. with Spring Valley Acquisition Corp. III, shareholder approval for the business combination was received at an extraordinary general meeting of SVAC shareholders held on July 6, 2026. The business combination is expected to close shortly hereafter, subject to the satisfaction of customary closing conditions.

At the closing, Spring Valley Acquisition will be renamed General Fusion Group Ltd. Shortly thereafter, the combined company's shares and warrants are expected to trade on Nasdaq under the ticker symbols GFUZ and GFUZW, respectively, subject to approval of its listing application.

If completed, Pender estimates that the net asset value of PTF could increase by a net amount of approximately $15.89-million, which is approximately $2.31 per PTF share.

At Pender, it is excited about the long-term potential of fusion energy as a critical part of future industrial infrastructure. Its development sits at the intersection of two key investment themes it continues to focus on: energy transition and the scaling demands of artificial intelligence and digital infrastructure.

As the energy requirements of the digital economy grow exponentially, Pender anticipates that those demands will become a meaningful commercial driver for fusion deployment. As a result, it believes that fusion is evolving and increasingly looks like essential infrastructure for energy security and broader energy transition.

About Pender Growth Fund Inc.

The company's objective is to achieve long-term capital appreciation for its investors. The company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small capitalization, special situations, and illiquid public and private companies. The company trades on the TSX Venture Exchange under the symbol PTF. The company posts its reporting NAV on its website, generally within five business days of each month-end.

We seek Safe Harbor.