Mr. John Bouffard reports

PINETREE CAPITAL ANNOUNCES ELECTION OF DIRECTORS

Pinetree Capital Ltd. today released the results of the election of directors at its annual general meeting held earlier today. At the meeting, all matters put forward before Pinetree's shareholders for consideration and approval, as set out in Pinetree's management information circular dated April 10, 2023, were approved by the requisite number of votes cast at the meeting.

Each of the nominees listed in Pinetree's management information circular dated April 10, 2023, was elected as a director of Pinetree. The results of the shares voted at the meeting in respect of the election of each director are set out in the attached table.

The complete voting results of all matters voted on at the meeting is available on SEDAR.

About Pinetree Capital Ltd.

Pinetree is a value-oriented investment and merchant banking company focused on the technology sector. Pinetree's common shares are listed on the Toronto Stock Exchange under the symbol PNP.