5 Reasons to Invest in Absolute Return Multi-Strategy Growth. EONIA + 500bps p.a. Jan 10. Jan 09. Jul 09. Jul 10. Apr 09. Oct 09. Apr 10.

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1 5 Reasons to Invest in Absolute Return Multi-Strategy Growth FOCUS 5Reasons 1. Targeting equity-like returns over the medium term 2. Seeks lower volatility than global equities 3. Pursues alternative sources of return 4. Low correlation with equities and bonds 5. Disciplined drawdown management Pioneer Funds Absolute Return Multi-Strategy Growth (the Fund ) is a flexible multi-strategy fund that seeks to generate returns in line with equities over a market cycle, with approximately half the volatility of global equities. 1 Targeting Equity-like Returns The goal of the Fund is to seek to achieve returns in line with equity markets over a medium to long-term horizon by investing in multiple strategies across numerous asset classes. The Fund seeks to optimise a limited budget of risk by incorporating directional and relative value positions selected through a combination of top-down and bottom-up analysis. The Fund has a return target 1 of 5-6% p.a. above cash rates (EONIA 2 Euro OverNight Index Average) gross of fees over rolling 3-year periods (see illustration 1). Illustration 1: Pioneer Funds - Absolute Return Multi-Strategy Growth (Class A, ND, EUR) vs. EONIA & EONIA +500bps p.a. Performance Since Inception to 31 May 2015 (Rebased to 100 at 8 July 2008) Fund Class A EONIA + 500bps p.a. EONIA 30.66% 45.90% 4.35% Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 Apr 10 Jul 10 Oct 10 Jan 11 Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Pioneer Funds Absolute Return Multi-Strategy Growth - Class A Non Dis EUR EONIA + Spread EONIA Total Return Index Source: Pioneer Investments, Bloomberg. Data from 08/07/2008 to 31/05/2015. 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 on 08/07/2008. Past performance does not guarantee and is not indicative of future results. 1 The Performance Target can be exceeded or undershot and should not be construed as an assurance or guarantee. 2 The reference rate against which we compare portfolio performance is EONIA. 1 For Broker/Dealer Use Only and Not to be Distributed to the Public.

2 2 Seeks Lower Volatility than Global Equities The Fund seeks to achieve its target return with significantly lower levels of volatility than the MSCI World Index. Our Risk Budgeting framework forms the cornerstone of our investment process and is the method by which we allocate risk across strategies. It indicates how much risk each strategy contributes to the overall risk of the Fund, and whether this risk can be reduced by combining uncorrelated or low correlated strategies with each other. Currently, the volatility of the Fund is running at around half of the level of global equities 3. Illustration 2: Correlations Tend to Rise During Periods of Market Stress Correlation VIX Index Correlation of Everything to Everything Else VIX Index Source: Pioneer Investments, Bloomberg. Data as at 19 May The Correlation of Everything to Everything Else is calculated as the average magnitude of the 3 months rolling cross-asset correlations, calculated on daily return/change basis, between (1) S&P500, (2) Bonds Yields (average of USD government bonds 2 years and 10 years), (3) Yield Curve (USD government bonds 10 years-2 years), (4) Credit Spreads (Moody s BAA - USD government bond 10 years), (5) Dollar Index (DXY) & (6) Commodities (GSCI Spot). 3 Pursues 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 Fund s ability to invest in relative value and directional 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. 3 As at 29 May For Broker/Dealer Use Only and Not to be Distributed to the Public.

3 Illustration 3: Blending Traditional with Non-traditional Strategies Multiple Sources of Return Equities Fixed Income - Govvies Fixed Income - Agencies Fixed Income - Supranational Fixed Income - Investment Grade Fixed Income - High Yield Fixed Income - Convertibles Fixed Income - Covered Bonds Volatility Inflation Quant FX Commodities Real Estate Source: Pioneer Investments as at 31 May For illustrative purposes only. References to individual trades should not be taken as investment recommendations to buy or sell any security. 4 Low Correlations with Equities and Bonds An emphasis on uncorrelated sources of return may help to improve the risk/return profile and deliver effective diversification. The Fund has demonstrated low correlations with equities and bonds during periods of heightened market volatility. The charts below illustrate the performance of the Fund during the five worst monthly periods for equities, and the five worst monthly periods for bonds, since the Fund inception. Illustration 4: Fund Performance in the 5 Worst Months for Global Equity Markets Since Fund Inception 2.0% 0.0% -0.7% -1.7% -4.0% -2.5% -6.0% -3.9% -8.0% -7.2% -6.5% -7.7% -10.0% -9.4% -12.0% -10.2% 31/10/08 28/02/09 30/09/08 31/08/11 0.7% 30/11/08 Fund Performance in the 5 Worst Months for EMU Bond Markets Since Fund Inception 2.0% 1.0% 0.0% -1.0% -3.0% -4.0% -5.0% -6.0% -7.0% -2.7% -2.6% -2.8% 30/11/11 30/11/10 1.3% -0.9% -1.6% -1.5% 31/10/11 0.4% 30/05/15-6.5% 30/06/13 MSCI World (EUR) Pioneer Funds - Absolute Return Multi-Strategy Growth - Class A Non Dis EUR Source: Pioneer Investments, Bloomberg. Data from fund inception 08/07/2008 to 31/05/2015. 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 Additional Notes. Past performance does not guarantee and is not indicative of future results. Correlation coefficient* = 0.60 Correlation coefficient* = 0.34 Source: Pioneer Investments, Bloomberg. 4 June *Based on correlation of monthly returns of the Fund to the MSCI World Index. Fund data refers to the Class A in euro. EMU Govt. Bond (EUR) Pioneer Funds - Absolute Return Multi-Strategy Growth - Class A Non Dis EUR Source: Pioneer Investments, Bloomberg. 4 June *Based on correlation of monthly returns of the Fund to the JPM EMU Govt. Bond Index. Fund data refers to the Class A in euro. 3 For Broker/Dealer Use Only and Not to be Distributed to the Public.

4 5 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. Number of Months Illustration 5: Five-Year Frequency of Monthly Returns vs. Reference Rate Time Period: 01/06/2010 to 31/05/ Monthly Excess Return (%) Source: Morningstar Direct. Data as at 31/05/15. The reference rate against which we compare portfolio performance is EONIA. 4 For Broker/Dealer Use Only and Not to be Distributed to the Public.

5 Important Information Source: MSCI. 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 affili es 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. ( Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 31 May Pioneer Funds - Absolute Return Multi-Strategy Growth is a sub-fund (the Sub-Fund ) 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. The Sub-Fund is actively managed, and current holdings may be diffe ent. References to individual stocks should not be taken as an investment recommendation to buy or sell any particular stock. 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 diffe ent 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. The 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. For Broker/Dealer Use Only and Not to be Distributed to the Public. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. Date of First Use: 16 September Doc ID: Follow us on: 5 For Broker/Dealer Use Only and Not to be Distributed to the Public. 0843_0915