unaudited financial results for the three and six months ended June 30, 2009.

During the second quarter, Pinetree generated net income of $44.6 million, as compared to $4.8 million for the

same quarter last year. The net income was primarily from net investment gains of $58.5 million in the quarter,

comprised of $79.0 million in unrealized gains on investments and $305,000 in gains from equity accounted

investments, partially offset by realized losses on dispositions of investments of $20.8 million. Earnings per

share were $0.34, as compared to $0.04 per share in the three months ended June 30, 2008.

For the six months ended June 30, 2009, Pinetree generated net income of $73.2 million, as compared to a net

loss of $51.6 million in the same period last year. The net income was primarily from net investment gains of

$103.2 million in the period, comprised of $127.0 million in unrealized gains on investments, realized losses on

dispositions of investments of $26.7 million and $334,000 in losses from equity accounted investments.

Earnings per share were $0.56, as compared to a loss per share of $0.45 in the six months ended June 30,

2008.

The composition of Pinetree’s investment portfolio (accounted for at fair value) by sector as at June 30, 2009, as

compared to December 31, 2008, is outlined in the following table:

Resources:

Precious Metals 131,079 48.3 50,540 37.7

Uranium 61,681 22.7 26,953 20.1

Base Metals 30,175 11.1 23,529 17.6

Oil & Gas 21,349 7.9 10,066 7.5

Molybdenum 5,068 1.9 3,159 2.4

Potash and Rare Earths 4,257 1.6 3,658 2.7

Total Resources 253,609 93.5 117,905 88.0

Technology/Other 9,576 3.4 8,205 6.1

Biotechnology 3,428 1.3 5,493 4.1

Energy Related Technology 4,799 1.8 2,366 1.8

As at June 30, 2009, total investments at fair value stood at $271.4 million, as compared to $134.0 million as at

December 31, 2008, and the aggregate number of investments decreased to 422 from 427 as at the end of the

last year. Three hundred seventy-two of the investments or 88.1% (December 31, 2008 – 87.5%), were in the

resource sector, consistent with Pinetree’s primary investment strategy.

Net asset value per share increased to $1.91 as at June 30, 2009, from $1.33 as at December 31, 2008.

“Following last year’s challenges, the first half of 2009 has been quite positive for many resource issuers. We

are pleased with the progress made in recapturing some of the value in our portfolio, as a result of improved

market sentiment which is consistent with our long term view of the resource sectors that form the focus of our

investing activity”, said Sheldon Inwentash, Chairman and CEO of Pinetree.

Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are

publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree is a diversified

investment and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in

the resources sector: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base

Metals. Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with

the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to

maximize our relative return in light of changing fundamentals and opportunities.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com

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