Pioneer Property Group ASA

Report Publication Announcement • Aug 17, 2016

PPG financial report for Q2 2016

PPG financial report for Q2 2016

16. August 2016

The Board of Directors of Pioneer Property Group ASA has approved

the unaudited group financial results for the second quarter of

2016. See the attached document including the report and financial

figures.

Highlights of the Q2 report:

- Total revenues in the second quarter of 2016 were MNOK 52.3,

similar to the first quarter, and in accordance to the company's

contractual rental income.

- Revenues and profitability were in line with expectations.

Operating profit (EBIT) was MNOK 47.5 with pre-tax profit of MNOK

25.4.

- On 30th June, PPG paid a dividend to holders of preference

shares, in total NOK 1.875 per preference share. The next dividend

to preference shareholders is scheduled for the end of the third

quarter 2016. See the company's website for updated financial

calendar information.

- The company had total assets of MNOK 3,554, where Investment

Property (112 preschools) were valued at MNOK 3,412 and with a cash

balance of MNOK 125. Total debt was MNOK 1,893 with total equity of

MNOK 1,662.

- Since the end of the second quarter, the company has refinanced

its two bond loans in subsidiaries Pioneer Public Properties II AS

and Pioneer Public Properties III AS through the issue of a new

bond of MNOK 1,000 in Pioneer Public Properties AS.

Contact persons:

Runar Rønningen (CEO) - tlf +47 90690038

Martin P. Hoff (CFO) - tlf +47 47214721