Pioneer Property Group ASA

Related Party Transaction • Apr 23, 2019

PPG/PPP: Insourcing of management services

PPG/PPP: Insourcing of management services

Oslo, 23 April 2019: Reference is made to the stock exchange announcement by Pioneer Property Group ASA (the "Company") on 21 November 2018 regarding the acquisition of Pioneer Management AS and the associated insourcing of management services to the Company.

Following the completion of the insourcing of the management services, the Company now estimates that said insourcing will entail an annual reduction in the Company's consolidated operational expenses (OPEX) in the range of NOK 5-10 million (excluding non-recurring costs and based on an assumption of continued operations at the current level).

For further information, please contact:

Anders Løken, CEO

Email: ir@pioneerproperty.no

Important Notice

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. Neither the Company nor any of its subsidiaries or any of their respective affiliates or directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement.

Matters discussed in this announcement constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.