Pinetree Capital

Pinetree Capital was incorporated under the laws of the Province of Ontario and its shares are publicly traded on the Toronto Stock Exchange (the "TSX") under the symbol "PNP". Pinetree is a value-oriented investment and merchant banking firm focused on the technology sector. Unlike most investment funds, Pinetree is not encumbered by restrictions that impact investment timing, the minimum or maximum size of investment, nor sector focus. Our managers are experienced technology investors who follow value investing principles. We take advantage of special situations and other opportunities as they arise, and make investments in other sectors which we identify from time to time as offering particular value. Where appropriate we will take an active role in the business of companies in which we have equity positions through the provision of strategic advice, board representation and/or other means.