Mentor Capital Chairman Highlights $0.91/Share Non-GAAP Gains from Cancer Portfolio Appreciation

SAN DIEGO--(EON: Enhanced Online News)--Mentor Capital, Inc. (Pink Sheets:MNTR) Chairman, in his 2009 Letter to Shareholders, outlined $0.91/sh gains. On a mark-to-market basis Mentor Capital projected earnings per basic outstanding share for 2009 would be approximately 91 cents per share. On a fully diluted basis, Company mark-to-market earnings would be approximately 29 cents per average share equivalent for the year. The majority of Mentor Capital mark-to-market gains, used internally to judge management performance, are in the appreciation of cancer immunotherapy stock holdings. On a GAAP basis, these gains will not be recognized until later. Not counting these portfolio gains, the GAAP earnings per basic share, on a more precise but still not audited basis, would be an 18 cent loss, generally reflecting Company operating expenses.

“Much of the Billions in dollars that have been spent in trying to find a cancer cure are in essence distilled down to the handful of leading companies we will help bring across the finish line. 2009 has certainly been a very good start.”

During March and April 2009, the cancer immunotherapy sector drew its first national attention with the 1,000% gain by Dendreon (NASDAQ:DNDN). On July 10, 2009, Mentor Capital created the Cancer Immunotherapy Index and began its investment in the sector. Since then, the average of three general biotech indices has appreciated at an 52% annualized rate, the unmanaged Cancer Immunotherapy Index has increased at a 99% annualized rate, and at a $0.91/basic share gain, and Mentor Capital investments in selected companies from the CI Index reflects a 125% annualized gain.

Mentor Capital Chairman, Chet Billingsley, concludes with a most positive summary of 2009: "Some of the advances and breakthroughs in our portfolio companies are breathtaking. Taken together, our targeted companies have cancer solutions that, in our medical science analysis, might start with simple benign injections into tumors that kill the cancer cells but not healthy tissue, followed by a vaccine that attacks any cancer that may have metastasized, and capped by a final treatment that prevents the reseeding of the cancer at a later date. The success on even late or terminal stage cancers is extraordinary and no radiation, surgeries or chemotherapy are part of these regimes.

"Much of the Billions in dollars that have been spent in trying to find a cancer cure are in essence distilled down to the handful of leading companies we will help bring across the finish line. 2009 has certainly been a very good start."

The complete text of the Chairman's 2009 Letter, additional information on Mentor Capital plus listings and links to all Cancer Immunotherapy Index companies may be referenced from the company website: www.MentorCapital.com.

Forward Looking Statements, Safe Harbor and Risk Descriptions are Incorporated by Reference from the MNTR Company Web Site above.