Contemplated new unsecured bond issue in Pioneer Public Properties AS and summon for bondholder meeting in Pioneer Public Properties II AS

Pioneer Public Properties AS (the "Company"), a 100% owned
subsidiary of Pioneer Property Group ASA, is contemplating
to issue a new NOK 800-1,000 million unsecured bond with
maturity May 2021.

The net proceeds from the contemplated bond issue shall be
employed to repay existing financial indebtedness of the
Company and its subsidiaries, including the outstanding
bonds in the Company's two subsidiaries Pioneer Public
Properties II AS (ISIN NO0010674377) and Pioneer Public
Properties III AS (ISIN NO0010714124) and for general
corporate purposes. Pioneer Public Properties III AS has a
call option at 104% of par value (plus accrued interests)
from 27 June 2016, whereas Pioneer Public Properties II AS
will shortly summon to a bondholders' meeting to propose a
new call option at 105.75% of par value (plus accrued
interests). The proposal for the call option has received
confirmation from more than 2/3 of the bondholders who
support the proposal.

Pareto Securities AS has been engaged as manager for the
contemplated bond issue. The private placement for the bond
issue is to commence on 7 June. A company presentation
prepared for the contemplated bond issue is available at
www.pioneerproperty.no.

For further information, please contact:

Pioneer Property Group ASA

Runar Rønningen, CEO
+47 90690038
runar@pioneerproperty.no

Martin P. Hoff, CFO
+47 47214721
martin@pioneerproperty.no