Mr. John Bouffard reports

PINETREE CAPITAL LTD ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED JUNE 30, 2023

Pinetree Capital Ltd. has released its financial results for the three-month period ended June 30, 2023. All financial information provided in this press release is unaudited and all figures are in thousands of dollars except per-share amounts and shares outstanding.

Unaudited financial results for the period ended June 30, 2023

The information included herein should be read in conjunction with the company's annual audited consolidated financial statements, prepared in accordance with international financial reporting standards (IFRS) and the company's annual management discussion and analysis for the year ended Dec. 31, 2022, which can be found on SEDAR.

As at June 30, 2023, Pinetree's equity was $42,111 as compared with $39,619 as at Dec. 31, 2022. This resulted in Pinetree's BVPS increasing from $4.22 as at Dec. 31, 2022, to $4.49 as at June 30, 2023. The change represents an increase of 27 cents or 6 per cent in the year to date.

As at June 30, 2023, the company held equity investments at fair value totalling $32,001, which represented 76 per cent of book value. This compares with equity investments at fair value of $31,145 representing 79 per cent of book value as at Dec. 31, 2022.

Earnings per share for the three months ended June 30, 2023, was 33 cents compared with earnings per share of 20 cents for the three months ended June 30, 2022.

Expenses for the 12 months ended June 30, 2023, were $1,111 which corresponds to 2.6 per cent of book value as at June 30, 2023. This compares with expenses of $1,042 for the 12 months ended Dec. 31, 2022, which corresponded to 2.9 per cent of book value as at Dec. 31, 2022. Included in expenses are foreign exchange fluctuations resulting from cash balances held in currencies other than Canadian dollars. Since expenses fluctuate from quarter to quarter, management monitors costs on a trailing-12-month basis.

The net investment gains for the three months ended June 30, 2023, were $3,160 (three months ended June 30, 2022 -- $2,013) as a result of net realized gains on investments and the net change in unrealized gains.

For the three months ended June 30, 2023, other income totalled $163 as compared with other income of $82 for the three months ended June 30, 2022. Other income comprises interest and dividend income of $117 and $46, respectively (three months ended June 30, 2022 -- interest and dividend income of $79 and $3, respectively).

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.

We seek Safe Harbor.