Pioneer Property Group ASA

Major Shareholding Notification • Nov 3, 2016

Disclosure of significant shareholding in Pioneer Property Group ASA: Hospitality Invest AS and Norlandia Care Group AS, a company controlled by Hospitality Invest AS, sell in total 500,000 shares

Disclosure of significant shareholding in Pioneer Property Group ASA: Hospitality Invest AS and Norlandia Care Group AS, a company controlled by Hospitality Invest AS, sell in total 500,000 shares

Oslo, 3 November 2016

Hospitality Invest AS and Norlandia Care Group AS, a

company controlled by Hospitality Invest AS, (together

the "Vendor"), have today sold 500,000 preference

shares in Pioneer Property Group ASA (the "Company"),

representing 7.69 percent of total outstanding

preference shares and 0.48 percent of the voting

rights in the Company. The shares were sold at a price

of NOK 97 per share.

Following the completion of the sale, Hospitality

Invest AS will hold 10,000 preference shares,

corresponding to 0.15 percent of total outstanding

preference shares in Pioneer Property Group ASA, and

Norlandia Care Group AS will hold 99,369 preference

shares, reducing its holding from 7.68 percent to 1.53

percent of total outstanding preference shares in

Pioneer Property Group ASA. Norlandia Care Group's

total voting rights in the Company are reduced from

15.12 percent to 12.67 percent.

Hospitality Invest AS' consolidated group ownership of

preference shares (including HI Capital AS and

Norlandia Care Group AS) is reduced from 790,835

preference shares, corresponding to 12.17 percent, to

290,835 preference shares, corresponding to 4.47

percent of total outstanding preference shares in the

Company. Hospitality Invest AS' consolidated group

voting rights in Pioneer Property Group ASA are

reduced from 40.35% to 39.87%.

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 PPG PREF)

roger@norlandia.no

Kristoffer Lorck (CFO)

kristoffer.lorck@hospitalityinvest.no