TORONTO , Ontario (November 11, 2009) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and nine months ended September 30, 2009.

During the third quarter, Pinetree generated net income of $63.8 million, as compared to a net loss of $210.9 million for the same quarter last year. The net income was primarily from net investment gains of $69.5 million in the quarter, comprised mainly of $74.2 million in unrealized gains on investments partially offset by realized losses on dispositions of investments of $5.4 million. Earnings per share were $0.48, as compared to loss per share of $1.63 in the three months ended September 30, 2008