Mr. Richard Patricio reports

PINETREE CAPITAL LTD. ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2014 AND DECEMBER 2014 NAV

Pinetree Capital Ltd. has released its audited consolidated financial results for the year ended Dec. 31, 2014.

Pinetree had a net loss of $71-million for the year, as compared with $123-million for 2013. The 2014 net loss was primarily the result of net investment losses of $34-million, composed of $411-million in realized losses on disposal of investments, offset by $377-million in a net change in unrealized gains on investments. Loss per share for 2014 was 39 cents, as compared with 85 cents for 2013. As at Dec. 31, 2014, the fair value of the company's total investments was $107-million, as compared with $134-million as at Dec. 31, 2013. Net asset value per share was 25 cents as at Dec. 31, 2014, a 61-per-cent decrease from the Dec. 31, 2013, NAV of 65 cents.