Pioneer Property Group ASA

Earnings Release • Nov 30, 2015

Updated property valuation

Updated property valuation

Pioneer Property Group ASA has received an updated property

valuation of its underlying preschool portfolio from Newsec

- to be used in conjunction with the full year financial

report for PPG, and also its two subsidiaries Pioneer Public

Properties II AS (PPPII) and Pioneer Public Properties III

AS (PPPIII). The report includes individual valuations of

the four underlying portfolios, also based on a number of

separate property valuations, which have been visited by

Newsec along with management from PPG, and the total

valuation of the entire PPG portfolio is slightly in excess

of the valuation levels used at the time of the IPO of PPG's

preference shares earlier this year. For the upcoming fourth

quarter results for PPG (and also for PPPII and PPPIII), the

Company therefore expects to include certain positive

adjustments to the IFRS balance sheet property valuations,

with effects also on the fourth quarter's reported

profitability - details to be finalized in the preparation

of the fourth quarter results.