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1 1 5 Reasons to Invest! Pioneer Funds Absolute Return Multi-Strategy» Pioneer Funds Multi-Strategy Growth

2 2 5 Reasons to Invest» Pioneer Funds Absolute Return Multi-Strategy» Pioneer Funds Multi-Strategy Growth 1 A Seasoned, Stable Team with Extensive Experience The Absolute Return Portfolio Management team at Pioneer Investments is a dedicated team of investment professionals with diverse specializations and extensive experience, across several market cycles. The team has an average of seventeen years investment experience and has a proven record, for an average of eleven years, in absolute return investing. 2 Drawdown Management For many investors, protecting capital from significant loss can be equally as important as delivering positive returns. We aim to protect our funds through multiple layers of risk management, which is designed to reduce the incidence of potentially large capital losses. Multiple Layers of Risk Management» Macro Hedging Systematic hedging against tail events.» Risk Budgeting Intelligent allocation of risk according to VaR.» Scenario Analysis Stress tests. Portfolio impact under historical tail events.» Position Management Aiming to optimize the Win/Loss ratio and generate asymmetric payoffs.» Dynamic VaR VaRIO: proprietary risk management system.

3 3 2 Drawdown Management Contd. Macro Hedging Risk Matrix High Threat Level 1 Impact on Base Case Low Medium High Moderate Threat Level Low Threat Level Low Medium High Probability 1. China Hard Landing 2. Fed normalisation policy mistake? 3. Monetary policy NO exit = Lost decade 4. Monetary policy disorderly exit 5. Eurozone deflation 6. Brexit 7. Competitive devaluations 8. EM fiscal vulnerabilities credit event? 9. Rise in Geopolitical tensions Source: Pioneer Investments as at 31 May For illustrative purposes only.

4 4 3 Targeting Consistent Returns & Seeking Lower Expected Volatility These flexible multi-strategy funds aim to optimize a limited budget of risk by incorporating directional and relative value positions selected through a combination of top-down and bottom-up analysis. These funds seek to achieve their target returns with significantly lower levels of volatility than a typical balanced fund. Our Risk Budgeting framework forms the cornerstone of our investment process. It indicates how much each holding potentially contributes to the overall risk, and whether this risk can be reduced by combining uncorrelated or low correlated strategies with each other. Performance Target* Product Funds Reference (Annualized, gross of fees) Expected Average Volatility** Time Horizon Pioneer Funds - Absolute Return Multi-Strategy EONIA + 3.5% - 4.5% 4.5% 3yr rolling Pioneer Funds - Multi-Strategy Growth EONIA + 5.0% - 6.0% 7.5% 3yr rolling *The Performance Target can be exceeded or undershot and should not be construed as an assurance or guarantee. **In normal market conditions. Pioneer Funds - Absolute Return Multi-Strategy (Class A, ND, EUR) vs. EONIA & EONIA +350bps p.a. Performance since inception to 31 January 2017 Rebased to 100 at 12 December 2008 Pioneer Funds - Multi-Strategy Growth (Class A, ND, EUR) vs. EONIA & EONIA +500bps p.a. Performance since inception to 31 January 2017 Rebased to 100 at 8 July % % % % 2.15% % Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Pioneer Funds Absolute Return Multi-Strategy - Class A Non Dis EUR EONIA + Spread EONIA Total Return Index Source: Pioneer Investments, Bloomberg. Data from unit class inception date 12 December 2008 to 31 January All data refers to Class A EUR Non Distributing and is based upon NAV net of fees. The reference rates of EONIA and EONIA +350bps p.a. are not the performance benchmarks of the fund and are included for illustrative purposes only. Inception of Class A EUR non-distributing was 12 December Past performance does not guarantee and is not indicative of future results. Pioneer Funds Multi-Strategy Growth - Class A Non Dis EUR EONIA + Spread EONIA Total Return Index Source: Pioneer Investments, Bloomberg. Data from unit class inception 8 July 2008 to 31 January All data refers to Class A EUR Non-Distributing and is based upon NAV net of fees. The reference rates of EONIA and EONIA +500bps p.a. are not the performance benchmarks of the fund and are included for illustrative purposes only. Inception of Class A EUR non-distributing was 8 July On 4 January 2016 Pioneer Funds Absolute Return Multi-Strategy Growth was renamed Pioneer Funds Multi-Strategy Growth. Until 4 January 2016 the Sub-Fund had different characteristics. Past performance does not guarantee and is not indicative of future results.

5 4 Effective Diversification 5 An emphasis on uncorrelated sources of return may help to improve the risk/return profile and deliver effective diversification*. The charts below illustrate the performance of these strategies during the 5 worst monthly periods for equities and bonds, since the solutions inceptions. Pioneer Funds - Absolute Return Multi-Strategy The 5 Worst Months for Global Equity Markets Since Fund Inception The 5 Worst Months for EMU Bond Markets Since Fund Inception 1.0% 0.6% 0.4% -0.7% -0.6% -0.8% -0.9% -0.7% -0.6% -1.1% -0.5% -1.2% -1.0% -0.1% -3.9% -3.6% -6.0% -4.5% -0.8% -6.0% -5.6% -8.0% -3.0% -2.1% -2.1% -2.1% -8.0% -7.9% -7.2% -2.8% -2.6% -2.6% % % 28/02/09 02/28/09 31/08/15 08/31/15 31/08/11 08/31/11 30/06/15 01/31/16 31/03/11 12/31/15 11/30/11 11/30/10 06/30/15 10/31/11 05/31/15 MSCI World (EUR) MSCI World (EUR) EMU Govt. Bond (EUR) Pioneer Pioneer Funds - Absolute - Absolute Return Return Multi-Strategy Multi-Strategy - Class A Non -Dis EUR Pioneer Funds - Absolute Return Multi-Strategy - Class A Non Dis EUR Class A Non Dis EUR Source: Pioneer Investments, Bloomberg. Data from fund inception 12/12/2008 to 01/31/2017. Funds data refers to the Class A in euro. Global Equity = MSCI World (EUR). Govt Bond EMU = JP Morgan EMU Govt Bond Index (EUR). Please see additional MSCI disclaimer in the Important Information. Past performance does not guarantee and is not indicative of future results. Correlation Coefficient** = 0.55 Correlation Coefficient** = 0.40 Pioneer Funds - Multi-Strategy Growth The 5 Worst Months for Global Equity Markets Since Fund Inception The 5 Worst Months for EMU Bond Markets Since Fund Inception 2.0% 1.3% 1.0% 0.4% -1.0% -0.3% -1.0% -3.0% -2.2% -2.1% -2.8%-2.7% -2.6% -2.6% 11/30/11 11/30/10 06/30/15 10/31/11 05/31/15-0.9% -0.7% -0.9% -0.7% -1.7% -1.7% -2.5% -6.0% -3.9% -6.0% -8.0% -8.0% -7.7% -7.2% -7.9% % -7.7% -7.2% % -9.4% -12.0% -10.2% -12.0% 31/10/08 10/31/08 28/02/09 02/28/09 08/31/15 31/08/1509/30/08 30/09/0808/31/11 31/08/11 MSCI World (EUR) MSCI World (EUR) EMU Govt. Bond (EUR) Pioneer Funds - Multi-Strategy - Absolute Growth Return - Class Multi-Strategy A Non Dis EUR Pioneer Funds - Multi-Strategy Growth - Class A Non Dis EUR Growth - Class A Non Dis EUR Source: Pioneer Investments, Bloomberg. Data from fund inception 07/08/2008 to 01/31/2017. Funds data refers to the Class A in euro. Global Equity = MSCI World (EUR). Govt Bond EMU = JP Morgan EMU Govt Bond Index (EUR). Please see additional MSCI disclaimer in the Important Information. Past performance does not guarantee and is not indicative of future results. On the 4 th January 2016 Pioneer Funds - Absolute Return Multi-Strategy Growth was renamed Pioneer Funds - Multi-Strategy Growth. Until the 4 th of January 2016, the Sub-Fund had different characteristics. Correlation Coefficient** = 0.57 Correlation Coefficient** = 0.32 **Based on correlation of monthly returns of the Fund to the MSCI World Index. Source: Pioneer Investments, Bloomberg, 31 January Fund data refers to the Class A in euro. *Diversification does not ensure a profit or protect against a loss. **Based on correlation of monthly returns of the Fund to the JPM EMU Govt. Bond Index. Source: Pioneer Investments, Bloomberg, 31 January Fund data refers to the Class A in euro.

6 6 5 Pursuing Alternative Sources of Return In an era of low expected returns and few uncorrelated asset classes, the traditional asset allocation approach may fail to provide adequate returns and may not be able to protect investors during periods of heightened market stress. The ability to invest in directional and relative value strategies across different asset classes and markets may provide investment benefits which traditional investment strategies are not able to explore, and may offer a unique feature to investors asset mix. We need to consider a different way of investing that targets new sources of return, downside mitigation and volatility management. Don t Rely on βeta Seek New Sources of Return» Seeks to increase the opportunity set and improve risk-adjusted returns» Tried and tested through multiple market cycles» Alpha generation through independent relative value and directional strategies» Low correlation with traditional asset classes» Multiple layers of risk management

7 » Summary: 5 Reasons to Invest 1» 2» 3» 4» 5» A Seasoned, Stable Team with Extensive Experience Drawdown Management Targeting Consistent Returns & Seeking Lower Expected Volatility Effective Diversification Pursuing Alternative Sources of Return 7 Key Facts (Class A EUR) PIONEER FUNDS ABSOLUTE RETURN MULTI-STRATEGY PIONEER FUNDS MULTI-STRATEGY GROWTH Inception Date 7 July 2008 Inception Date 7 July 2008 Style AUM 5,597m Style AUM 5,597m Sub-fund AUM 990.7m Sub-fund AUM 360.4m Number of Positions Number of Positions Performance Target 1 EONIA + 3.5% - 4.5%, annualized (gross of fees) over rolling 3-year periods Performance Target 1 EONIA + 5.0% - 6.0%, annualized (gross of fees) over rolling 3-year periods Maximum VaR 2 6% (monthly, 99% prob) Maximum VaR 2 12% (monthly, 99% prob) Expected Avg. Volatility 1 4.5% Expected Avg. Volatility 1 7.5% 1 The Target Return and Expected Average Volatility can be exceeded or undershot and should not be construed as an assurance or guarantee. 2 These internal guidelines are used as guidance in the daily management of the Fund s investments. These guidelines are subject to change and should not be relied upon as a long term view of the Fund s exposures, limitations, and/or risks. For complete information on the Fund s investment objectives, strategy, risks, and limitations please review the Fund prospectus.

8 8 Important Information Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 31 January Pioneer Funds Absolute Return Multi-Strategy and Pioneer Funds Multi-Strategy Growth are sub-funds (the Sub-Funds ) of Pioneer Funds (the Fund ), a fonds commun de placement with several separate sub-funds established under the laws of the Grand Duchy of Luxembourg. On the 4 th January 2016 Pioneer Funds - Absolute Return Multi-Strategy Growth was renamed Pioneer Funds - Multi-Strategy Growth. Until the 4 th of January 2016, the Sub-Fund had different characteristics. Past performance does not guarantee and is not indicative of future results. Unless otherwise stated, all views expressed are those of Pioneer Investments. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. More recent returns may be different than those shown. Please contact your local Pioneer Investments representative for more current performance results. This material is not a prospectus and does not constitute an offer to buy or a solicitation to sell any units of the Fund or any services, by or to anyone in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. For additional information on the Fund, a free prospectus should be requested from Pioneer Global Investments Limited ( PGIL ), 1 George s Quay Plaza, George s Quay, Dublin 2, Ireland. Call Fax or your local Pioneer Investments sales office. This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any Restricted U.S. Investor (as defined in the prospectus of the Fund). The Fund has not been registered in the United States under the Investment Company Act of 1940 and units of the Fund are not registered in the United States under the Securities Act of This document is not intended for and no reliance can be placed on this document by retail clients, to whom the document should not be provided. This content of this document is approved by Pioneer Global Investments Limited. In the UK, it is directed at professional clients and not at retail clients and it is approved for distribution by Pioneer Global Investments Limited (London Branch), Portland House, 8th Floor, Bressenden Place, London SW1E 5BH. Pioneer Global Investments Limited is authorised and regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority ( FCA ) are available from us on request. The Fund is an unregulated collective investment scheme under the UK Financial Services and Markets Act 2000 and therefore does not carry the protection provided by the UK regulatory system. Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA ( PFD ), a U.S.-registered broker-dealer, provides marketing services in connection with the distribution of Pioneer Investments products. PFD markets these products to financial intermediaries, both within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. ( Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. Date of First Use: 17 February FLAT-1028

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