Pioneer Property Group ASA

Pre-Annual General Meeting Information • Jun 16, 2020

PIONEER PROPERTY GROUP ASA: DISTRIBUTION PROPOSAL, NOTICE OF EXTRAORDINARY GENERAL MEETING, UPDATE ON PREFERENCE SHARES AND COMPANY PRESENTATION

PIONEER PROPERTY GROUP ASA: DISTRIBUTION PROPOSAL, NOTICE OF EXTRAORDINARY GENERAL MEETING, UPDATE ON PREFERENCE SHARES AND COMPANY PRESENTATION

The board of directors of Pioneer Property Group ASA ("PPG" or the "Company") has proposed that the general meeting of PPG resolves a distribution to the holders of PPG's ordinary shares of NOK 101.890 per ordinary share by way of a combination of a repayment of paid-in capital and dividend, in total approximately NOK 999,996,348.

On this basis, the board of directors calls for an extraordinary general meeting of PPG to be held on 8 July 2020 at 10:00 hours (CEST) at the offices of PPG in Rådhusgata 23, 0158 Oslo, Norway. The notice of the extraordinary general meeting is attached hereto. The notice and other relevant documents are also available on PPG's website, www.pioneerproperty.no.

Since PPG's sale of Pioneer Public Properties AS and Pioneer Management AS in 2019, PPG has bought back preference shares for a total amount of ~NOK 260 million at NOK 102 per share through two separate buy-back offers where the last buy-back was undersubscribed. As described in the notice of the extraordinary general meeting, the board of directors has considered the possibility to propose that PPG's preference shares are redeemed on 1 July 2020 at a price of NOK 100 per preference share. Due to the economic developments in Europe in connection with Covid-19, the board of directors is of the view that attractive investment opportunities may arise within the Company's core business areas. Further, the board of directors believes that the Company is appropriately capitalized through the preference shares. On this basis, the board of directors has concluded that it will not propose to redeem the preference shares for the time being. For further information, please see item 4 in the attached notice of the extraordinary general meeting.

Due to restrictions caused by Covid-19, the shareholders are encouraged to exercise their shareholder rights without attending the extraordinary general meeting in person by providing a proxy to the chairman of the board of directors.

Please also find attached an updated company presentation for PPG.

For further information, please contact:

Roger Adolfsen, Chairperson of the board of directors

Telephone: +47 982 22 500