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 April 30, 2013: 1.00* (unaudited)

Recent Media Coverage

February 21, 2013: Mat Wilson, Pinetree's Special Situations Analyst, was interviewed by The Energy Report. "Following the Money to Undervalued Contrarian Plays". Click here.

February 20, 2013: Mark Raguz, Pinetree's Mining Analyst, was interviewed by The Gold Report. "Technical Best of Breeds Still a Value". Click here.

February 1, 2013: Marshall Auerback was a guest host on BNN's Business Day. Click here to view the interviews.

January 18, 2013: Pinetree participated in an $18 million raise for Canadian start up Keek. Keek has grown rapidly, adding over 200,000 users a day. Click here to read the coverage.

September 18, 2012: Pinetree's investment in Canadian Startup Keek reported as Keek raises $7 Million and adds 2 million users in one month. Click here to read the coverage in Techvibes.

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

Follow @pinetreecapital

*Use of Non-GAAP Financial Measures

This website contains references to “net asset value per share” (basic and diluted) (“NAV”) which is a non-GAAP measure. NAV is 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. NAV (diluted) is calculated as total assets less total liabilities divided by the total number of common shares of the Company outstanding as at a specific date, calculated based upon the assumption that all outstanding securities of the Company that are convertible into or exercisable for common shares have been converted or exercised. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP measure presented in Pinetree’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company has calculated NAV consistently for many years and believes that the measure provides information useful to its shareholders in understanding our performance, and may assist in the evaluation of the Company’s business relative to that of its peers.

September 6, 2012.