Unaudited November 30, 2011 Net Asset Value Per Share of $2.77 Announced By Pinetree Capital Ltd.

- December 15th, 2011

As of November 30, 2011, Pinetree Capital Ltd.’s (TSX:PNP) unaudited net asset value per share (“NAV”) was $2.77.

As of November 30, 2011, Pinetree Capital Ltd.’s (TSX:PNP) unaudited net asset value per share (“NAV”) was $2.77.

As quoted in the press release:

Pinetree Capital Ltd. announced that as at November 30, 2011, Pinetree’s unaudited net asset value per share (“NAV”) was $2.77.

NAV is calculated as at a particular date and is, by its nature, historical, and may not be reflective of Pinetree’s future performance.

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