Pinetree Capital

Pinetree Capital is a value-oriented investment company focused on enterprise software and technology. Pinetree 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". Unlike most investment funds, Pinetree is not encumbered by restrictions and institutional imperatives that impact investment timing, minimum or maximum size of investments, or other factors that influence many of our peers. We are not private equity, nor have we taken any controlling stakes in our investees. Our managers are experienced technology investors who follow value investing principles. We invest in a concentrated manner on a long-term basis by taking minority positions in software and technology businesses. Despite being minority investors, we believe an owner’s mindset is important; where appropriate, we engage with the management teams and boards of our investees by providing strategic advice, backed by enterprise software operating experience, to achieve good outcomes for all stakeholders. We look for businesses that have one or both of the following: ▪ They are providers of mission-critical software and services, often into niche markets. They have typically spent decades investing in their intellectual property. These businesses provide tools to their customers that are deeply embedded, improving the efficiency and effectiveness of their customers’ operations. They have long customer lifetimes and low customer churn. ▪ Businesses that are run by high-integrity managers with a track record of success in both operations and capital allocation, governed by a board that is focused on long-term shareholder interests.