PNP Pinetree Capital Ltd

Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its unaudited interim consolidated financial results for the three months ended March 31, 2013.

For the three months ended March 31, 2013, Pinetree had a net loss of $47 million, as compared to $5 million for the same quarter last year. Net loss for the three months ended March 31, 2013 was primarily the result of net investment losses of $42 million, comprised of $45 million in unrealized losses on investments offset by realized gains on dispositions of investments of $3 million. Loss per share was $0.33 for the three months ended March 31, 2013, as compared to $0.04 for the three months ended March 31, 2012.

The composition of Pinetree's investment portfolio by sector as at March 31, 2013 as compared to the end of last year is outlined in the following table:

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                                         March 31, 2013    December 31, 2012
                                  ------------------------------------------
Sector                              ($'000)  % of Total  ($'000)  % of Total
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 Resources:                                                                 
  Precious metals                    95,851        43.8  145,169        53.7
  Potash, lithium and rare earths    26,497        12.1   27,739        10.3
  Uranium                            26,229        12.0   18,875         7.0
  Base metals                        25,702        11.8   31,075        11.5
  Oil and gas                        23,187        10.6   30,433        11.2
  Coal                                1,897         0.9    2,140         0.8
                                  ------------------------------------------
Total resources                     199,363        91.2  255,431        94.5
                                  ------------------------------------------
Technology and other                 19,152         8.8   14,749         5.5
                                  ------------------------------------------
Total investments                   218,515       100.0  270,180       100.0
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As at March 31, 2013, total investments at fair value was $219 million, as compared to $270 million as at December 31, 2012, a decrease of 19%.

Net asset value per share decreased 23% to $1.20 as at March 31, 2013, from $1.55 as at December 31, 2012.

About 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: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. 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. Pinetree is recognized as a value added partner in the resource industry.

Pinetree discloses an unaudited monthly net asset value per share within 15 days after each month-end. For the latest month-end net asset value per share and for more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

Use of Non-GAAP Measures

NAV (net asset value per share) is a non-GAAP (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities 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 GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP 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.

Contacts: Pinetree Capital Ltd. Sheldon Inwentash, CPA, CA. Chairman & CEO 416-941-9600 Pinetree Capital Ltd. Gerry Feldman, CPA, CA. CFO & Vice President, Corporate Development 416-643-3884feldman@pinetreecapital.com Pinetree Capital Ltd. 130 King Street West, Suite 250 Toronto, Ontario, Canada, M5X 2A2 www.pinetreecapital.com Investor Relations: Pinetree Capital Ltd. Richard Patricio, LL.B. Vice President, Legal and Corporate Affairs 416-941-9600ir@pinetreecapital.com