Mr. John Bouffard reports

PINETREE CAPITAL LTD ANNOUNCES AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2023

Pinetree Capital Ltd. has released its financial results for the year ended Dec. 31, 2023. All figures provided in this press release are in thousands of dollars except per-share amounts and shares outstanding.

Financial results for the three months and year ended Dec. 31, 2023

The information herein should be read in conjunction with its annual audited consolidated financial statements, prepared in accordance with international financial reporting standards, and its annual management's discussion and analysis for the year ended Dec. 31, 2023, which can be found on SEDAR+.

As at Dec. 31, 2023, Pinetree's equity was $45,372, which compares with $39,619 as at Dec. 31, 2022. This resulted in Pinetree's book value per share increasing from $4.22 as at Dec. 31, 2022, to $4.83 as at Dec. 31, 2023. The change represents an increase of 61 cents or 15 per cent.

As at Dec. 31, 2023, the company held investments at fair value totalling $43,448, which represented 96 per cent of book value. This compares with investments at fair value of $33,905, representing 86 per cent of book value as at Dec. 31, 2022.

Total expenses for the 12 months ended Dec. 31, 2023, were $896, which corresponds to 1.9 per cent of book value as at Dec. 31, 2023. This compares with total expenses of $1,135 for the 12 months ended Dec. 31, 2022, which corresponds 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.

The net investment gains for the three months ended Dec. 31, 2023, were $3,990 (three months ended Dec. 31, 2022: $3,247) as a result of net realized gains on investments and the net change in unrealized gains.

For the three months ended Dec. 31, 2023, other income totalled $131 (three months ended Dec. 31, 2022: $68). Other income is composed of interest income of $88 and dividend income of $43 (three months ended Dec. 31, 2022: interest income of $55 and dividend income of $13).

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.