Mr. John Bouffard reports

PINETREE CAPITAL LTD ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31, 2024

Pinetree Capital Ltd. has released its financial results for the three months ended March 31, 2024. 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 March 31, 2024

The information herein should be read in conjunction with the company's 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+.

Shares outstanding and equity amounts are as at the quarter-end date. Expense amounts are for the three months ended the quarter-end date.

As at March 31, 2024, Pinetree's equity was $56,485, which compares with $45,372 as at Dec. 31, 2023. This resulted in Pinetree's book value per share increasing from $4.83 as at Dec. 31, 2023, to $6.02 as at March 31, 2024. The change represents an increase of $1.19 or 24.6 per cent.

As at March 31, 2024, the company held equity investments at fair value totalling $53,051, which represented 94 per cent of book value. This compares with equity investments at fair value of $38,428, representing 85 per cent of book value as at Dec. 31, 2023.

Expenses for the 12 months ended March 31, 2024, were $777, which correspond to 1.4 per cent of book value as at March 31, 2024. This compares with expenses of $1,081 for the 12 months ended March 31, 2023, which corresponds to 2.8 per cent of book value as at March 31, 2023. 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 March 31, 2024, were $11,118 (three months ended March 31, 2023: net investment losses of $400) as a result of net realized gains on investments and the net change in unrealized gains.

For the three months ended March 31, 2024, other income totalled $176 as compared with other income of $124 for the three months ended March 31, 2023. Other income is composed of interest and dividend income of $82 and $94, respectively (three months ended March 31, 2023: interest and dividend income of $110 and $14, 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.