Pinetree Capital Ltd. — Proxy Solicitation & Information Statement 2021

Jun 1, 2021

TMX THE FUTURE IS YOURS TO SEE.

TSX TRUST COMPANY

VIA ELECTRONIC TRANSMISSION

May 31, 2021

TO ALL APPLICABLE EXCHANGES AND COMMISSIONS:

RE: PINETREE CAPITAL LTD

We are pleased to confirm that copies of the following proxy-related materials were mailed on May 28, 2021 to the Registered Securityholders and to the Non-Objecting Beneficial Owners ("NOBO"):

1. Proxy with Notice-and-Access Notice - Registered Securityholders
2. Voting Instruction Form with Notice-and-Access Notice - NOBOs
3. Notice of Meeting and Management Information Circular (Including Financial Statements and MD & A) - NOBOs Requesting a Full Package
4. Letter of Transmittal on Blue Paper - Registered Securityholders Holding Less than 100 Pre-consolidated Common Shares
5. Letter of Transmittal on Yellow Paper - Registered Securityholders Holding 100 or More Pre-consolidated Common Shares
6. Proxy Return Envelope

Yours truly,

TSX Trust Company

"Rebecca Prentice"

Associate Relationship Manager

rebecca.prentice@tmx.com

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