August 2009 Forward Looking Statements Certain statements contained - PDF document

August 2009

Forward Looking Statements Certain statements contained in this Presentation are based on, inter alia, forward- looking information that are subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward- looking. Such forward-looking information and statements are based on current expectations, estimates and projections about global and regional economic conditions as well as industries that are major markets for Pinetree Capital Ltd. There can be no assurance that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Further, to the best of management’s knowledge, the information throughout the presentation is current as of the date of the presentation, but management and the agents specifically disclaim any duty to update any forward-looking information. Factors that could cause actual results to differ from that expected include, but are not limited to, the risk factors included, or incorporated by reference, in the t li it d t th i k f t i l d d i t d b f i th Company’s annual information form. Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 2

Pinetree: A Specialized Investment Company � A publicly traded company that invests primarily in the natural resources � A publicly-traded company that invests primarily in the natural resources sector Focus on small cap. exploration stage companies � Targets investments in emerging growth companies � Discovery investing � � A proven track record of outperformance Deep industry relationships � Superior access to investment opportunities � Investing ahead of cycle � � Experienced team of investors Managed by Sheldon Inwentash � � Competitively positioned Not a fund so no risk of redemption � Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 3

Investment Process Proven Track P T k • Demonstrated expertise advising • Track record of investing into Record of portfolio companies sectors in advance of market Outperformance • Beating all benchmarks Unique Management Investment Interests Aligned Approach to with S Small Cap. ll C Shareholders Universe • Access to deals below radar • Extensive network of contacts screen of other investors • Reputation for “fair deals” • Known for backing “winners” Known for backing winners Sheldon Access to Deal Inwentash and Flow Team Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 4

Proven Track Record of Outperformance � NAV per share up 155% since June 2004 � Share price up from 3.4x from June 2004 to June 2009 (5 year period) NAV/share $11.69 $12.00 PNP Share Price $10.20 $9.50 NAV Per Share “NAV per share” is a non- GAAP measure defined as shareholders’ equity $9.00 divided by total number of common shares outstanding. The term g NAV/share NAV per share does not $6.65 have any standardized meaning according to GAAP and therefore may $6.00 not be comparable to $4.84 $4.97 similar measures $4.25 $4.48$4.33$4.40 4.26 presented by other $3.73$3.72$4.16$4.24 $4.24 $4.05 4.20 companies. We believe 3.72 3.79 that the measure provides 3.13 $3.14 information useful to our $2.86$2.71 shareholders in $3.00 2.32 2.02 understanding our $1.87 1.33 1.56 1.91 1.73 performance, facilitates $1.58 $ $1.48 1.29 the comparison of the p 0.98 0.82 0 98 $0.51$0.44 $ $ $0.89 quarterly and year-end $0.60$0.55 $0.59 results of our ongoing operations and provides a meaningful measure to $0.00 evaluate our business Jun ‐ 04 Sept.2004 Dec ‐ 04 Mar ‐ 05 Jun ‐ 05 Sept.2005 Dec.2005 Mar.2006 Jun.2006 Sept.2006 Dec.2006 Mar. 2007 Jun. 2007 Sept. 2007 Dec. 2007 Mar. 2008 Jun. 2008 Sept. 2008 Dec. 2008 Mar. 2009 Jun. 2009 relative to that of our peers. Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 5

Proven Track Record of Outperformance Pinetree continues to outperform over a longer investment horizon 1 Year (June 2008 – June 2009) 5 Year Returns (June 2008 – June 2009)- CAGR 0.0% 30.0% 27.8% 25.0% ‐ 10.0% ‐ 11.0% 20.0% ‐ 20.0% 15.0% ‐ 30.0% 9.7% ‐ 25.4% ‐ 25.6% 9.4% ‐ 28.3% ‐ 28.2% 10.0% ‐ 40.0% 40.0% 4.0% 4.0% 5.0% ‐ 40.3% ‐ 50.0% 0.0% ‐ 60.0% ‐ 5.0% ‐ 58.6% ‐ 4.2% ‐ 4.1% ‐ 70.0% ‐ 10.0% ‐ 7.0% Pinetree X Composite Index apped Gold Index pped Energy Index S&P 500 DJIA e Composite Index Pinetree X Composite Index apped Gold Index pped Energy Index S&P 500 DJIA e Composite Index S&P/TSX Cap S&P/TSX S&P/TSX C S&P/TSX Venture S&P/TSX S&P/TSX Cap S&P/TSX Venture S&P/TSX C Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 6

Portfolio by Sector (June 30, 2009) Portfolio Sector Breakout � Investments are currently (Percentages are of T (P f T otal Portfolio Fair Value and does not include l P f li F i V l d d i l d primarily in these resource Equity Accounted Investments) sectors: � Precious Metals, Uranium, Portfolio Sector Breakout Oil & Gas, Base Metals, (Number of Investments in Each Sector) Molybdenum, and Potash and Rare Earths. Energy Related Biotechnology, 7 otec o ogy, Technology 10 Technology, 10 Technology and Precious Metals, 150 Potash and Rare Other, 33 Earths, 7 Molybdenum, 18 Oil & Gas, 41 Base Metals, 80 Uranium, 76 Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 7

Unique Investment Approach to Small Cap. Universe � We bring a unique approach to public investing: � Flexibility to invest opportunistically in sectors and in companies � Conduct due diligence � Known for backing the winners � Actively negotiate investments within portfolio companies � Act as value-added partner to management teams � In certain instances, take an active role in building portfolio companies over time Knowing when to exit is as important as knowing what to invest in. Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 8

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Sample Successes - Gold Guyana Goldfields Inc. AfriOre Limited (GUY:TSX) (GUY:TSX) (AFO TSX) (AFO:TSX) � Investment Summary � Investment Summary Initial investment - $486,500 in late 2003 � Initial investment - $150,000 in June 2002 � Total investment - $2.1 million � Total investment - $8.5 million � Lonmin makes cash offer of $441 mm ($8.75 � Exit Proceeds - $22.9 million (2.7 x cost) per share) � Exit Proceeds - $7.8 million (3.8 x cost). � $12.00 $9.00 $8.00 $10.00 $7.00 $6.00 $8.00 $5.00 $6.00 Pinetree Pinetree $4.00 Pinetree Invests $3.00 $4.00 Invests $2.00 $2.00 $1.00 $0.00 $0.00 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06 Jul-06 Nov-06 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 10

Sample Successes - Gold Aurelian Resources Inc. (ARU TSX) (ARU:TSX) � Investment Summary Initial investment - $450,000 in late 2003 � Total investment - $13.2 million � Exit Proceeds - $37.5 million (2.8 x cost) � $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Pinetree Pinetree $3 00 Invests $2.00 $1.00 $- Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 11

Sample Successes – Uranium Khan Resources Inc. (KRI TSX) (KRI:TSX) � Investment Summary Initial investment - $525,000 in 2003 � Total investment - $3.4 million � Exit Proceeds - $15.8 million (4.6 x cost) � $5.00 $4.50 $4.00 $3.50 $3.00 Pinetree $2.50 Invests $2 00 $2.00 $1.50 $1.00 $0.50 $0.00 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 12

Sample Successes – Oil & Gas Connacher Oil & Gas Ltd. Petrolifera Petroleum Ltd. (CLL:TSX) (CLL:TSX) (PDP TSX) (PDP:TSX) � Investment Summary � Investment Summary Initial investment - $900,000 in late 2005 Initial investment - $760,000 in late 2004 � � Total investment - $7.1 million Total investment - $24.1 million � � Exit proceeds - $19.4 million (2.7 x cost) Exit Proceeds - $28.0 million (1.2 x cost) � � $6.00 $25.00 $5.00 $20.00 $4.00 $15.00 Pinetree $3.00 Invests Pinetree Pinetree $10.00 $10 00 $2.00 Invests $5.00 $1.00 $0.00 $0.00 Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 13

Sample Successes – Base Metals FNX Mining Co Inc. (FNX:TSX) (FNX:TSX) � Investment Summary Initial investment - $350,000 in mid-2001 � Total investment - $20.7 million � Exit Proceeds - $28.5 million (1.4 x cost) � $26.00 $24.00 $22.00 $20.00 $18.00 $16.00 $14.00 Pinetree $12.00 $10.00 Invests $8 00 $8.00 $6.00 $4.00 $2.00 $0.00 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Pinetree Capital Ltd. Venture to Grow . www.pinetreecapital.com 14

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