Pioneer Property Group ASA

Major Shareholding Notification • Dec 15, 2016

PPG - Mandatory notification of trade and mandatory bid obligation

PPG - Mandatory notification of trade and mandatory bid obligation

Oslo, 15 December - As part of a corporate restructuring,

Hospitality Invest AS has today entered into an agreement

(the "Purchase Agreement") for the acquisition of 1,967,537

ordinary shares in Pioneer Property Group ASA from its

partly owned subsidiary, Norlandia Care Group AS, for a

purchase price of NOK 101.819 per share. The transfer is

expected to be completed on or about 20 December 2016.

- After completion of the Purchase Agreement, Norlandia Care

Group AS will own 0 ordinary shares and 99,369 preference

shares in Pioneer Property Group ASA, equivalent to 0.61% of

the total share capital and 0.09% of the total votes in

Pioneer Property Group ASA.

- After completion of the Purchase Agreement, Hospitality

Invest AS will own 3,912,994 ordinary shares and 10,000

preference shares in Pioneer Property Group ASA, equivalent

to 24.05% of the total share capital and 37.40% of the total

votes in Pioneer Property Group ASA.

- After completion of the Purchase Agreement, Hospitality

Invest AS on a consolidated basis will control 4,143,062

ordinary shares and 290,835 preference shares in Pioneer

Property Group ASA, equivalent to 27.18% of the total share

capital and 39.87% of the total votes in Pioneer Property

Group ASA.

Hospitality Invest AS has simultaneously entered into an

agreement (the "Sales Agreement") for the sale of 711,068

ordinary shares in Pioneer Property Group ASA for a price of

NOK 101.819 per share. The Sales Agreement is entered into

with the current minority shareholders in Norlandia Care

Group AS, Grafo AS and Eidissen Consult AS, which will

acquire 355,534 shares each. A wholly-owned subsidiary of

Hospitality Invest AS has entered into an agreement to

acquire all shares in Norlandia Care Group, and through the

Sales Agreement, a number of shares will be sold which

ensures that the parties retain their present financial

exposure in Pioneer Property Group ASA. The transfer is

expected to be completed on or about 21 December.

- After completion of the Sales Agreement, Hospitality

Invest AS will own 3,201,926 ordinary shares and 10,000

preference shares in Pioneer Property Group ASA, equivalent

to 19.69% of the total share capital and 30.61% of the total

votes in Pioneer Property Group ASA.

- After completion of the Sales Agreement, Hospitality

Invest AS on a consolidated basis will control 3,431,994

ordinary shares and 290,835 preference shares in Pioneer

Property Group ASA, equivalent to 22.82% of the total share

capital and 33.07% of the total votes in Pioneer Property

Group ASA.

- After completion of the Sales Agreement, Grafo AS will own

1,773,386 ordinary shares and 273,984 preference shares in

Pioneer Property Group ASA, equivalent to 12.55% of the

total share capital and 17.21% of the total votes in Pioneer

Property Group ASA.

- After completion of the Sales Agreement, Eidissen Consult

AS will own 1,773,386 ordinary shares and 273,984 preference

shares in Pioneer Property Group ASA, equivalent to 12.55%

of the total share capital and 17.21% of the total votes in

Pioneer Property Group ASA.

Hospitality Invest AS will, following completion of the

Purchase Agreement, control more than 1/3 of the votes in

Pioneer Property Group ASA, which triggers a mandatory offer

obligation. Hospitality Invest will however, through the

Sales Agreement, conduct a sale which reduces its control of

the total votes to below 1/3. As a consequence, Hospitality

Invest will not launch a mandatory offer.

Roger Adolfsen, who is a major shareholder in Hospitality

Invest AS, 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.

For further information, please contact:

Roger Adolfsen (CoB, Pioneer Property Group ASA)

roger@norlandia.no

Kristoffer Lorck (CFO, Hospitality Invest AS)

kristoffer.lorck@hospitalityinvest.no

This information is subject of the disclosure requirements

in sections 6-8, 4-2 and 4-3 of the Norwegian Securities

Trading