Pioneer Property Group ASA

Declaration of Voting Results & Voting Rights Announcements • Nov 6, 2020

PIONEER PROPERTY GROUP ASA: MANDATORY NOTIFICATION OF TRADE AND OPTIONS BY PRIMARY INSIDERS AND DISCLOSURE OF LARGE SHAREHOLDINGS

PIONEER PROPERTY GROUP ASA: MANDATORY NOTIFICATION OF TRADE AND OPTIONS BY PRIMARY INSIDERS AND DISCLOSURE OF LARGE SHAREHOLDINGS

Oslo, 6 November 2020: Certain shareholders of Pioneer Property Group ASA ("PPG") have today entered into an agreement (the "Agreement") which among other includes the following transactions by close associates of primary insiders of PPG:

- Roger Adolfsen (chairman of the board of directors of PPG) has through his wholly owned company Mecca Invest AS acquired 131,362 ordinary shares in PPG at a purchase price of NOK 60.90 per ordinary share. Following the transaction, Mecca Invest AS holds 1,549,214 ordinary shares and no preference shares in PPG, corresponding to 10.6% of the shares and 15.0% of the votes in PPG. Mecca Invest AS has as a result of the acquisition passed the 10% disclosure threshold with respect to shares and the 15% disclosure threshold with respect to votes.

- Klevenstern AS (a company wholly owned by Kristian Adolfsen) has acquired 131,362 ordinary shares in PPG at a purchase price of NOK 60.90 per ordinary share. Following the transaction, Klevenstern AS holds 1,549,214 ordinary shares and no preference shares in PPG, corresponding to 10.6% of the shares and 15.0% of the votes in PPG. Klevenstern AS has as a result of the acquisition passed the 10% disclosure threshold with respect to shares and the 15% disclosure threshold with respect to votes.

- Further, pursuant to the Agreement, Mecca Invest AS and Klevenstern AS have been granted an option (but not undertaken any obligation) to acquire up to 1,642,024 additional ordinary shares each in PPG (3,284,048 ordinary shares in total) from Eidissen Consult AS and Grafo AS at a price equal to NOK 60.90 (less any dividend paid on the relevant shares that exceeds certain thresholds). The option may only be exercised by Mecca Invest AS and Klevenstern AS jointly. Mecca Invest AS and Klevenstern AS may exercise the option at any time, for any number of ordinary shares (limited upwards to 3,284,048 ordinary shares), in one or several transactions. If the option is exercised in full, each of Mecca Invest and Klevenstern AS will following such exercise hold 3,191,238 ordinary shares and no preference shares in PPG, corresponding to 21.7% of the shares and 31.0% of the votes in PPG. If the option is exercised in full, both Mecca Invest AS and Klevenstern AS will pass the 20% disclosure threshold with respect to shares and the 25% disclosure threshold with respect to votes.

Roger Adolfsen and Kristian Adolfsen will following the acquisition of the 262,724 ordinary shares together directly and indirectly control 6,530,422 ordinary shares and no preference shares in PPG (corresponding to 44.5% of the shares and 63.4% of the votes in PPG), and will following the entry into of the Agreement together also hold an option to acquire up to 3,284,048 additional ordinary shares in PPG (corresponding to 22.4% of the shares and 31.9% of the votes in PPG). If the option is exercised in full, Roger Adolfsen and Kristian Adolfsen will following such exercise together directly and indirectly control 9,814,470 ordinary shares and no preference shares in PPG (corresponding to 66.8 % of the shares and 95.3% of the votes in PPG). If the option is exercised in full, Roger Adolfsen and Kristian Adolfsen will, through companies directly and indirectly controlled by them, jointly pass the 2/3 disclosure threshold with respect to shares and the 90% disclosure threshold with respect to votes.

- Even Carlsen (member of the board of directors of PPG) has pursuant to the Agreement through his wholly owned company Grafo AS sold 131,362 ordinary shares in PPG at a purchase price of NOK 60.90 per ordinary share. Following the transaction, Grafo AS will hold 1,642,024 ordinary shares and no preference shares in PPG, corresponding to 11.2% of the shares and 15.9% of the votes in PPG. Further, Grafo AS has granted Mecca Invest AS and Klevenstern AS a right (without any obligation for Mecca Invest AS and Klevenstern AS) to acquire up to 1,642,024 additional ordinary Shares under the option described above. If the option is exercised in full, Grafo AS will following such sale hold no ordinary shares and no preference shares in PPG.

For further information, please contact:

Ole-Kristofer Bragnes, CFO

Telephone: +47 917 03 415

E-mail: IR@pioneerproperty.no