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Venture to Grow

Corporate Update First Quarter, 2011


Corporate Summary
Trading Symbol: Common Shares: PNP (TSX) Warrants Trading: PNP.WT (TSX) PNP.WT.A (TSX) PNP.WT.B (TSX) Share Capitalization (as at March 31, 2011) 136,540,593 common shares Market Capitalization (as at May 12, 2011 - $2.86) $390,506,095 52 Week Trading Range (as at March 31, 2011) $1.05 - 4.24 (closing price) Investment Sectors Pinetree invests primarily in these resource sectors: Precious Metals Base Metals Oil and Gas Potash, Lithium and Rare Earths Uranium Coal

BuSineSS Summary:
Pinetree Capital Ltd. is a diversified investment, financial advisory and venture capital firm focused on the small cap market. Pinetrees investments are primarily in the resources sector: Precious Metals, Base Metals, Oil & Gas, Potash, Lithium and Rare Earths, Uranium and Coal.

inveStment philoSophy:
Pinetrees objective is to invest ahead of the crowd by anticipating emerging trends and macro changes in consumption and translate that knowledge into successful investments in small cap and micro cap companies. Pinetree was one of the first to identify and invest in the resource sector. By building on this proven track record, Pinetree seeks to maintain its leadership position by consistently evaluating the global market to identify new trends and build an early position in sectors targeting these trends. As at March 31, 2011, Pinetree had 454 investments with a Fair Value of approximately $767.4 million divided across all sectors as follows:

Portfolio Sector Breakout

(Number of investments in each sector)
Coal, 6 Potash, Lithium and Rare Earths, 33 Technology and Other, 32

(Percentages are of total portfolio fair value)

Coal, 4%

Portfolio Sector Breakout

Technology and Other, 4%

Potash, Lithium and Rare Earths, 9% Precious Metals, 45%

Oil & Gas, 54

Precious Metals, 201

Oil & Gas, 10%

Uranium , 31

Uranium 8%

Base Metals, 97

Base Metals, 20%

proven SuCCeSS:

Pinetree is an experienced investor with deep industry relationships and a reputation for fairness in business. Acting as a sponsor to the companies it invests in, Pinetree leverages its industry knowledge, contacts and brand to advise and mentor its investees, ensuring a steady flow of early-stage investment opportunities. Pinetrees portfolio of investments have created strong returns for Pinetree shareholders and the Company has consistently outperformed all relevant benchmark indexes. In 2007, Pinetree was ranked third in Canadian Business Magazines 150 Top Mid-Cap Companies. In 2010, Pinetree was ranked the 86th most profitable company in the Top 1,000 Profitable Companies in Canada list from Report on Business Magazine.

management team
Sheldon Inwentash Gerry Feldman Richard Patricio Wendy Warhaft Philip Williams Chairman & CEO Vice President, Corporate Development & CFO Vice President, Legal & Corporate Affairs General Counsel Vice President, Business Development

hiStoriCal StoCk performanCe

(refleCting all StoCk SplitS)

Marshall Auerback Jamie Levy

Corporate Spokesperson Vice President, Trading

Sheldon Inwentash Bruno Maruzzo Ronald Perry Peter Harder Gerry Goldberg Andrew Fleming

net aSSet value per Share* (BaSiC)

(refleCting all StoCk SplitS)
NAV/share $12.00 PNP Share Price $11.69 $12.00

Pinetree Capital Ltd. The Exchange Tower 130 King Street West, Suite 2500 Toronto, Ontario Canada M5X 1A9 Investor Relations: Richard Patricio P: +1 416 941 9600 F: +1 416 941 1090 E: ir@pinetreecapital.com Media Relations: Steph Peters P:+1 416 941 9600 F:+1 416 941 1090 E: peters@pinetreecapital.com
Share Price

$10.20 $9.50 $9.00 $9.00


$6.65 $6.00 $4.48 $4.33 $4.40 $4.84 $4.97 $4.24 4.20 $4.05 4.26 3.72 3.79 3.13 2.32 1.91 2.02 4.74 4.14 2.55 3.05 4.66 3.19 $3.00 $6.00

$3.00 $0.93 $0.44

$2.86 $1.48 $1.87 $0.89 $1.58

$2.71 $3.14



0.98 0.82

2.14 2.2 1.56 1.73 1.89 1.84 1.83 1.29 1.16




*uisSenon- IFRS (international financial eaSureS measure calculated as the value of total assets less the value of total liabilities of non-ifrS m NAV a reporting standards)

divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Pinetrees consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.