Mr. John Bouffard reports

PINETREE CAPITAL LTD ANNOUNCES DEPARTURE OF CHIEF INVESTMENT OFFICER

Shezad Okhai will be leaving Pinetree, effective Aug. 15, 2023, to join Bravura Solutions Ltd., one of Pinetree's investees, as chief commercial officer. Mr. Okhai has accepted a contract position with Bravura from Aug. 15, 2023, to June 30, 2024, to assist with Bravura's performance improvement plans. Pinetree does not intend to pursue a search for a new chief investment officer at this time.

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.