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Pinetree Capital Ltd.: Pinetree Capital Ltd Announces Audited Financial Results For The Year Ended December 31, 2020 $ 2 1 1 Shares Outstanding and Book Value amounts are as at the Quarter End date Operating Expenses amounts are for the Three months ending the Quarter End date 2 Operating Expenses do not include Foreign Exchange gain (loss) on financial assets other than investments As at December 31, 2020, Pinetree s BVPS was $2.11 as compared to $1.98 as at December 31, 2019, representing an increase of $0.13 or 6.6%. The increase was primarily attributable to net investment gains, net dispositions in the investment portfolio, and other income from dividends and interest which out-paced the Company s expenses during the period.

John bouffardPinetree capital ltdInternational financial reporting standardsForeign exchangePinetree capitalConsolidated financial statementsManagement discussionBook valueQuarter endPine treeபினெட்ரீ மூலதனம் லிமிடெட்சர்வதேச நிதி புகாரளித்தல் தரநிலைகள்வெளிநாட்டு பரிமாற்றம்பினெட்ரீ மூலதனம்தொகுக்கப்பட்டு நிதி அறிக்கைகள்மேலாண்மை கலந்துரையாடல்