Pinetree Capital

Pinetree was incorporated under the laws of the Province of Ontario and its shares are publicly traded on the Toronto Stock Exchange (the "TSX") under the symbol "PNP". Pinetree is a diversified investment, financial advisory and venture capital firm focused on investing in early stage micro and small cap resource companies. Pinetree's investments are primarily in the following resource sectors: Precious Metals, Base Metals Oil & Gas, Potash, Lithium and Rare Earths, Uranium and Coal. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value added partner in the resource industry.

Net Asset Value Per Share as at December 31, 2011: 2.61* (unaudited)

Recent Media Coverage

January 13, 2012: Marshall Auerback Featured on CBC’s Lang & O’Leary Exchange. Click here to view.

November 17, 2011: Pinetree featured in business commentary by MarketWatch. Click here to read the article.

November 17, 2011: Pinetree featured in an article on the Smallcap Network. Click here to view.

For a list of Pinetree's Media Coverage, please click here.

Follow @pinetreecapital

*Use of Non-IFRS Financial Measures

NAV is a non-IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.