Pinetree Capital Ltd. reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of CAD 63.8 million or CAD 0.48 per diluted share compared to net loss of CAD 210.9 million or CAD 1.63 per diluted share for the same quarter last year. Net investment gains was CAD 69.5 million, income before income taxes was CAD 67.2 million and cash flows from operating activities was CAD 2.4 million compared to net investment loss of CAD 256.2 million, loss before income taxes of CAD 261.2 million, cash flows from operating activities of CAD 1.3 million and purchase of capital assets, net of CAD 6,000, respectively reported for the same quarter last year. For the nine months, the company reported net income of CAD 137.1 million or CAD 1.04 per diluted share compared to net loss of CAD 262.5 million or CAD 2.21 per diluted share for the same period last year. Net investment gains was CAD 169.5 million, income before income taxes was CAD 162.3 million, cash flows from operating activities was CAD 10.9 million and purchase of capital assets, net of CAD 4,000 compared to net investment loss of CAD 324.4 million, loss before income taxes of CAD 341.2 million, cash out flows from operating activities of CAD 13.4 million and purchase of capital assets, net of CAD 81,000, respectively reported for the same quarter last year.

Pinetree Capital Ltd. reported unaudited financial results for the second quarter and six months ended June 30, 2009. During the second quarter, Pinetree generated net income of $44.6 million, as compared to $4.8 million for the same quarter last year. The net income was primarily from net investment gains of $58.5 million in the quarter, comprised of $79.0 million in unrealized gains on investments and $305,000 in gains from equity accounted investments, partially offset by realized losses on dispositions of investments of $20.8 million. Earnings per share were $0.34, as compared to $0.04 per share in the three months ended June 30, 2008. For the six months ended June 30, 2009, Pinetree generated net income of $73.2 million, as compared to a net loss of $51.6 million in the same period last year. The net income was primarily from net investment gains of $103.2 million in the period, comprised of $127.0 million in unrealized gains on investments, realized losses on dispositions of investments of $26.7 million and $334,000 in losses from equity accounted investments. Earnings per share were $0.56, as compared to a loss per share of $0.45 in the six months ended June 30, 2008. Net asset value per share increased to $1.91 as at June 30, 2009, from $1.33 as at December 31, 2008.

Pinetree Capital Ltd. reported unaudited earnings results for the first quarter ended March 31, 2009. For the quarter, the company reported net income of $28.6 million as compared to a net loss of $56.4 million in the same quarter last year. The net income was primarily due to net investment gains of $41.5 million in the quarter comprised of unrealized gains on investments of $48.0 million offset by realized losses on dispositions of investments of $5.9 million and losses from equity accounted investments of $0.6 million. Earnings per share for the quarter were $0.22 as compared to a loss per share of $0.50 for the three months ended March 31, 2008. Net asset value per share increased to $1.56 as at March 31, 2009, from $1.33 as at December 31, 2008.