Date: 02 August 2002 Pioneer Investments expands in Europe Swiss registration strengthens Pioneer Investments’ European presence Pioneer Investments continues to broaden its European reach with the Swiss registration of 21 of 1 the sub-funds in its Luxembourg based fund range, Pioneer Funds. The sub-funds will be marketed to institutional clients as well as retail clients. Throughout Europe, Pioneer Investments’ funds are already registered in Germany, Austria, France, Spain, Italy, the Netherlands and the Czech Republic. The Swiss registration is the latest development in Pioneer Investments’ aggressive expansion plans internationally. Commenting on the company’s decision to target the affluent Swiss market, Matteo Dante Perruccio, Executive Director and Head of International Sales & Distribution, said: “Despite the current challenging economic environment, we remain committed to bringing Pioneer Investments to customers throughout the world and building on the exceptional growth trend we set last year. We are continuing with our planned expansion into new markets, and we see Swiss registration as a key part of our European strategy. Our disciplined investment process and experience in managing money during difficult markets and focus on service makes us particularly attractive to investors who are looking for a fund firm to work with”. All the U.S. equity sub-funds within this registration mirror existing top performing funds run from Pioneer Investments’ Boston office. One of the U.S. sub-funds, Pioneer Funds – America, mirrors Pioneer Investments’ flagship fund, the Pioneer Fund. Pioneer Fund, launched in 1928, is the fourth oldest mutual fund in the U.S. and has produced consistent returns for investors through many world crises and bear and bull markets. Swiss investors will also be able to access sub-funds such as Pioneer Funds - U.S. High Yield Corporate Bond, which mirrors the number 1 performing U.S. based Pioneer High Yield Fund (5 2 star rating from Morningstar and S&P). Jerome Thomas, Senior Vice President and Head of Global Relationships – Europe, said, “Expansion into new markets and the cultivation of new distribution channels through third party providers is a central tenet of our international expansion strategy. Switzerland has a long- standing reputation as a world leader in private banking and this registration presents us with a great opportunity to market our funds through this channel. We believe that the quality of our product range combined with our proven distribution capability will allow us to establish a presence as a top tier asset manager in the region.” With a wide selection of investment products and solutions, from large cap to emerging markets funds, and corporate bond to money market funds, Pioneer Investments’ capabilities covers the range of products across the investment spectrum, including alternative investments and structured products. 1 Pioneer Funds is a Fonds Commum de Placement with several separate sub-funds established under the laws of the Grand Duchy of Luxembourg. 2 Morningstar rating correct as at 30.06.02 S&P rating correct as at 28.06.02 The 21 sub-funds already registered are: Equity Sub-Funds GLOBAL Global Telecoms Global Technology Global Healthcare Global Consumers Global Industrials Global Energy U.S. U.S. Mid Cap Value U.S. Value U.S. Growth America Bond Sub-Funds EUROPEAN Euro Bond Euro Corporate Bond GLOBAL & EMERGING International Bond U.S. High Yield Corporate Bond Reserve Sub – Funds U.S. Dollar Reserve Euro Reserve Lifestyle Sub- Funds Pioneer Mix 1 Pioneer Mix 2 Pioneer Mix 3 Pioneer Mix 4 Pioneer Mix 5 As part of Pioneer Investments’ ongoing commitment to the Swiss market additional sub-funds including the European equities range will be registered in the near future. Pioneer Investments is the asset management subsidiary of the Italian banking group, UniCredito 3 Italiano S.p.A, one of Europe’s leading banks. 3 Source: Financial Times European Performance League Survey UniCredito Italiano was ranked the fourth top performing European company and Europe’s leading bank over a five year period in this year’s Financial Times European Performance League survey. This annual survey ranks Europe’s top companies – those that are constituents of the FTSE World Index, a leading global benchmark – according to their total returns to shareholders over both a five and one year period. Notes to Editors A number of funds from Pioneer Investments' Irish UCITS and U.S. Registered Investment Companies (RICs) fund range are already registered for sale in Switzerland.La For further information, please contact: Lorraine Gallagher, PR Co-ordinator, Pioneer Investments Tel: +353 1 636 4835e- Company Profile With over 70 years’ experience in fund management, Pioneer Investments has a history few asset management companies can match. Our flagship fund, the Pioneer Fund™, is the fourth oldest mutual fund in the United States. It has not only weathered volatile market conditions, but has outperformed common stocks, long term bonds, US Treasury Bills and inflation since its foundation in 1928. Uniqueness is part of our heritage. At the forefront of the establishment of the modern US mutual fund industry, Pioneer Investments is an industry leader in the development of this market in Europe. We were the first asset management company to launch investment funds in Italy, first in Germany to register US mutual funds under the Foreign Investments Act, and first to distribute open-ended investment funds in Poland. In October 2000, UniCredito Italiano S.p.A completed its acquisition of the Pioneer Group, Inc., uniting the capabilities of the Boston-based group with its asset management operations in Milan and Dublin. Through the consolidation of these powerful investment houses, Pioneer Investments is ideally positioned to expand its global reach and penetrate deeper into each market. Pioneer Investments has investment centres in Boston, Dublin, Milan and Singapore that manage assets of over €104 billion (as of 30 June 2002). In addition, we have sales and marketing centres in Boston, Buenos Aires, Dublin, Hong Kong, Madrid, Miami, Milan, Munich, Paris, Prague and Warsaw. The main activity of Pioneer Investments is the management, sales and marketing of investment funds and alternative investments. We manage over 180 funds, including hedge funds, domiciled in Italy, Luxembourg, Ireland and the US. Our investment process is active, bottom-up and research-driven, based upon the principles of fundamental investing that Pioneer Investments has used since 1928. Our fundamental equity research is bottom-up, with 90% generated internally by our equity research analysts. 36 equity analysts operating from our main US, European and Asian investment hubs visit over 2,000 companies each year. This approach enables Pioneer Investments to make informed judgements about how industries and companies have operated in the past, about their future behaviour and about the effects of these variables on stock prices. We add a strong quantitative discipline to this process, which supports the work of fundamental analysts and keeps a close check on the investment risks for our funds. Pioneer Investments History 1928 - Founded Pioneer Fund, the fourth oldest mutual fund in the US. 1967 - First asset management company to launch investment funds in Italy. 1969 - First company to distribute US mutual funds in Germany. - Established Italy's first Luxembourg-registered fund, Capital Italia. 1992 - First to distribute open-ended investment funds in Poland 1995 - Entered the Czech Republic offering Pioneer Trust – now the fifth largest balanced fund in the country. - Launched offshore fund family domiciled in Ireland 1998 - Added Luxembourg-registered offshore funds to Pioneer Investments Worldwide Funds 1999 - Launched a family of alternative investment funds 2000 - UniCredito Italiano S.p.A completed the acquisition of Boston-based Pioneer Group, Inc. 2001 - Expanded product range, adding 13 new sub-funds to the Luxembourg umbrella fund bringing the total number of sub-funds to 41. 2002 - Added two new sub-funds to the Luxembourg umbrella fund bringing the total number of sub- funds to 43. - Pioneer Investments broadens its alternative investments division, Pioneer Alternative Investments (PAI), with the announcement that it is to acquire the Momentum Group. This transaction is subject to regulatory approval. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A group of companies. Pioneer Alternative Investments is a trading name of Pioneer Alternative Investment Management Limited (Dublin) and Pioneer Alternative Investment Management SGRpa (Milan).