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Investors
Financial Information
Financial Information as at September 30, 2011.
Total Investments at Fair Value: $414.3 M
Net Asset Value Per Share* (Basic): $2.64
Shares Outstanding: 136,547,273
52 Week Trading Range: $1.26 - $4.24 (closing price) (ending September 30, 2011)
Monthly Net Asset Value Per Share (Basic):
2011
| January 31, 2011* | $4.68 (unaudited) |
| February 28. 2011* | $4.74 (unaudited) |
| March 31, 2011* | $4.66 (unaudited) |
| April 30, 2011* | $4.69 (unaudited) |
| May 31, 2011* | $4.30 (unaudited) |
| June 30, 2011* | $3.63 (unaudited) |
| July 31, 2011* | $3.76 (unaudited) |
| August 31, 2011* | $3.48 (unaudited) |
| September 30, 2011* | $2.64 (unaudited) |
| October 31, 2011* | $3.05 (unaudited) |
| November 30, 2011* | $2.77 (unaudited) |
| December 31, 2011* | $2.61 (unaudited) |
*Use of Non-IFRS 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
