Pinetree Capital

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Investments Disclosure Criteria and Valuation Policy Sector Analysis List Of Our Selected Current Investees By Sector List Of Our Selected Current Investees By Name

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Links To Our Investees By Sector Links To Our Investees By Name Information About Uranium Information About Gold

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 merchant banking firm focused on the small-cap market. Pinetree’s investments are primarily in the following resource sectors: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base Metals. As well, Pinetree has investments in the Biotechnology, Energy Related Technology, and Technology sectors.

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.

Sector Analysis

We invest primarily in four broadly defined sectors. Please click on each to learn more about our investments in each sector.

Resources

Uranium

Oil & Gas

Precious Metals

Base Metals

Molybdenum

Potash and Rare Earths

Energy Related Technology

Technology

Biotechnology

As at March 31, 2008, our portfolio is divided into the different sectors as follows (based on Fair Value):

As at March 31, 2008, our portfolio consists of the following number of investments by percentage in each sector