Pioneer Property Group ASA

Earnings Release • Feb 17, 2016

PPG financial report for Q4 2015

PPG financial report for Q4 2015

16 February 2016

The Board of Directors of Pioneer Property Group ASA has

approved the unaudited group financial results for the

fourth quarter and the full year 2015. See the attached

document including the report and financial figures.

Highlights of the Q4 report:

- Total revenues in the fourth quarter of 2015 were MNOK

50.8 with a pre-tax profit of MNOK 28.9.

- Revenues and profitability were in line with expectations.

Operating profit (EBIT) of MNOK 44.4 was similar to the

previous quarter, while pre-tax profit of MNOK 28.9 was

improved due to lower financial costs.

- On December 31st PPG paid is quarterly dividend to holders

of preference shares - in total NOK 1.875 per preference

share. The next scheduled dividend for preference

shareholders is at the end of the first quarter 2016. See

the company's website for updated financial calendar

information.

- The Company had total assets of MNOK 3,619, where

Investment Property (112 preschools) were valued at MNOK

3,413 in addition to a cash balance of MNOK 195. Total debt

was MNOK 1,981 and with total equity of MNOK 1,638.

- In the fourth quarter PPG commissioned a valuation report

from Newsec, which confirmed the balance sheet valuations of

the Investment Properties.

Contact persons:

Runar Rønningen (CEO) - tlf +47 90690038

Martin P. Hoff (CFO) - tlf +47 47214721