Pioneer Property Group ASA

Major Shareholding Notification • Dec 23, 2015

PPG ASA: Shareholder Disclosure / Notification of trade

PPG ASA: Shareholder Disclosure / Notification of trade

Shareholder Disclosure / notification of trade by

primary insider - change in large shareholdings in

Pioneer Property Group ASA

Date: 23 December 2015

As part of an internal restructuring of ownership,

Hospitality Invest AS has on 23 December 2015 in a

private transaction sold 160,105 preference shares in

Pioneer Property Group ASA (PPG PREF) at a price of

NOK 100 per share. HI Capital AS, a fully owned

subsidiary of Hospitality Invest AS, has sold 39,895

preference shares in the same transaction at a price

of NOK 100 per share.

The buyers of the shares are the main shareholders of

Hospitality Invest AS; Klevenstern AS (controlled by

Kristian A. Adolfsen) and Mecca Invest AS (controlled

by Roger Adolfsen) with equal split among the buyers.

Roger Adolfsen holds the position as Chairman of the

Board of Pioneer Property Group ASA and is defined as

primary insider subject to disclosure duties under the

Norwegian Securities Trading Act Section 4-2 . Roger

Adolfsen (on a consolidated basis) holds no shares in

Pioneer Property Group ASA apart from the shares held

through Mecca Invest AS (which owns such shares

directly and indirectly through Hospitality Invest AS

with subsidiaries).

Following the transaction, the seller Hospitality

Invest AS is no longer a direct owner of any

preference shares in Pioneer Property Group ASA, but

continues to hold 1,945,457 shares representing 19.8%

of the outstanding ordinary shares. The other seller

HI Capital Invest continues to hold 181,466 preference

shares (2.79%) and 230,068 (2.34%) of the ordinary

shares.

As a result of the transaction, the sellers and

buyers also cross certain thresholds as referred to

in the Norwegian Securities Trading Act Section 4-3:

Hospitality Invest AS' consolidated group ownership of

preference shares (also including shares held by its

subsidiaries HI Capital AS and Norlandia Care Group

AS) is reduced from 990,835 shares (15.24%) to 790,835

shares (12.17%). The consolidated group's ownership of

ordinary shares remains at 4,143,062 shares (42.21%)

while its combined ownership of ordinary shares and

preference shares is reduced from 5,133,897 shares

(41.47%) to 4,993,897 shares (30.24%). These figures

include that Hospitality Invest AS and HI Capital AS

have a combined ownership of 181,466 preference

shares, which reduces the combined ownership from

5.87% to 2.79%. The transaction also reduces these two

entities' combined ownership of ordinary and

preference shares from 2,556,991 (15.67%) to 2,356,991

(14.45%).

Following the transaction, the buyers Klevenstern AS

and Mecca Invest AS each holds 1,417,852 ordinary

shares (14.55%) and 285,232 preference shares (4.39%).

Total shareholding for Klevenstern AS ends at

1,703,084 (10.44%), up from 1,603,084 (9.83%).

Correspondingly, total shareholding for Mecca Invest

AS ends at 1,703,084 (10.44%), up from 1,603,084

(9.83%).

Pioneer Property Group ASA has a total of 9,814,470

ordinary shares outstanding, representing 93.8% of the

company's voting rights. There are a total of

6,500,000 preference shares outstanding, each carrying

1/10 voting rights and in total representing 6.2% of

all voting rights.

For additional information, contact:

Kristoffer Lorck, CFO: +47 93 02 88 18