Santander Private Banking International Due Diligence Meeting

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1 Santander Private Banking International Due Diligence Meeting Strategic Options for US Fixed Income, Pioneer Funds - Strategic Income Andrew Feltus, CFA, Portfolio Manager, Senior Vice President 9-1 May, Miami Page 1 I For broker/dealer use only and not be distributed to the public.

2 GDP Growth GDP Growth GDP Growth GDP Growth US Growth May Exceed Eurozone Growth; Asia Growth Has Troughed % % % % Source: IMF: Global Outlook as of 31 October 212. Page 2 I For broker/dealer use only and not be distributed to the public.

3 Percentage of GDP The Risk-Free Rate Gross Government Debt / GDP Japan AA-/AA- United States AAA/AA+ France AAA/AA+ United Kingdom AAA/AAA Germany AAA/AAA Brazil Philippines Indonesia China AA- BBB/BBB BB/BB+ BBB-/BB+ /AA- Chile AA- /A+ Developed Markets Emerging Markets Source: IMF October 212, 212 Estimate Page 3 I For broker/dealer use only and not be distributed to the public.

4 Japan France US Germany United Kingdom Chile Brazil Philippines China Indonesia Yield France United Kingdom US Germany Japan Brazil Chile Indonesia Philippines China Yield Nominal and Real 1-Year Yields: Developed vs. Emerging Market Governments Nominal Yield % Real Yield (less CPI) % Source: Bloomberg, 1 January 213 Page 4 I For broker/dealer use only and not be distributed to the public.

5 Dec-99 Dec- Dec-1 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Jan-2 Jan-3 Jan-4 Jan-5 Jan-6 Jan-7 Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Billions Billions Jan- Jan-1 Jan-2 Jan-3 Jan-4 Jan-5 Jan-6 Jan-7 Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Dec-99 Dec- Dec-1 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 $ Billions Billions Central Bank Balance Sheets 3,5 3, 2,5 2, 1,5 1, 5 Fed Balance Sheet $3,29 3,5 3, 2,5 2, 1,5 1, 5 ECB Balance Sheet 2,643 Source: Bloomberg. Fed Balance Sheet. Last data point 3/27/213 Source: Bloomberg, ECB Balance Sheet. Last data point 3/27/213. 2, 15, 1, 5, BOJ Balance Sheet 165,386 35, 3, 25, 2, 15, 1, 5, China Central Bank 29,793 Source: Bloomberg, BOJ Balance Sheet. Last data point 3/27/213. Source: Bloomberg, CCB Balance Sheet. Last data point 3/27/213. Page 5 I For broker/dealer use only and not be distributed to the public.

6 Dec-99 Dec- Dec-1 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 (% Change) Millions Units Dec-99 Dec- Dec-1 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Dec-99 Dec- Dec-1 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 (% Change) Millions Units US Consumers are Spending Personal Income YOY Change Auto Sales Retail Monthly Sales YOY (Less Autos Sales) Home Sales 5. Sources and last data points: Personal Income, Bureau of Economic Analysis, 31 January 213; US Auto Sales, Bloomberg 28 February 213; Adjusted Retail Sales Less Autos Yearly % Change 28 February 213. FHFA U.S. House Price Index YOY%, last data point 28 February 213. Page 6 I For broker/dealer use only and not be distributed to the public.

7 US Housing Prices are Recovering Home Prices - Biggest Improvement Since % 15% 1% 5% % -5% -1% -15% -2% -25% Change in home prices 13 months after each year's end through January of the following year Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Source: S&P Case - Schiller2 City Index. Last data point 31 January 213. Page 7 I For broker/dealer use only and not be distributed to the public.

8 US Treasury Nominal Yields, Real Yields And Inflation : Yields At Generational Lows '66 '68 '7 '72 '74 '76 '78 '8 '82 '84 '86 '88 '9 '92 '94 '96 '98 ' '2 '4 '6 '8 '1 '12 US Treasury Constant Maturity - 1 Year - Yield Rolling 12-month Headline CPI Real Treasury Bond Yield Source: Factset, Latest data point 3 April 213. Page 8 I For broker/dealer use only and not be distributed to the public.

9 High Yield Market Spread Comparison December 199 March 31, 213 Difference in Yield between High Yield Bonds and 1-Year Treasuries Percent (%) % 1.86% BofA ML High Yield Master II Index Yield to Maturity BofA ML U.S. Current 1-Year Treasury Index Yield to Maturity The performance data quoted represents past performance, which is no guarantee of future results. Investments in high-yield securities involve substantially greater credit risk than investments in US treasuries. It is not possible to invest directly in an index. The Merrill Lynch High Yield Master II Index measures the performance of high yield fixed-income securities. The Merrill Lynch US Current 1-Year Treasury Index tracks US 1-year treasury bond yields. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. Source: Bloomberg. Last data point: 31 March 213 Page 9 I For broker/dealer use only and not be distributed to the public.

10 Mar-88 Mar-9 Mar-92 Mar-94 Mar-96 Mar-98 Mar- Mar-2 Mar-4 Mar-6 Mar-8 Mar-1 Mar-12 Percent US High Yield Spreads and Defaults Average: 57 bp Spread 4.82% Default Rate Current OAS: 481 bp Current Default Rate 3.%. OAS Defaults Source: Merrill Lynch High Yield Master II Index, last data point 27 March 213; and Moody s, Speculative Grade Issuer Defaults, last data point 28 February 213. Pioneer Investments. Page 1 I For broker/dealer use only and not be distributed to the public.

11 US Corporate Spreads Have Offered Value Relative to Projected Defaults Source: Bloomberg, Data as of 22 March 213. Page 11 I For broker/dealer use only and not be distributed to the public.

12 Jan-73 Jan-78 Jan-83 Jan-88 Jan-93 Jan-98 Jan-3 Jan-8 Jan-13 Jan-95 Jan-97 Jan-99 Jan-1 Jan-3 Jan-5 Jan-7 Jan-9 Jan-11 Jan-13 Percent Jan-97 Jan-98 Jan-99 Jan- Jan-1 Jan-2 Jan-3 Jan-4 Jan-5 Jan-6 Jan-7 Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-97 Jan-99 Jan-1 Jan-3 Jan-5 Jan-7 Jan-9 Jan-11 Jan-13 Basis Points Equities More Attractive than Fixed Income Investment Grade Yield (YTW) vs. S&P 5 Forward Earnings Yield S&P 5 Forward P/E Inv Grade Bond Yld < S&P 5 Est Earnings Yield Inv Grade Bond Yld >S&P 5 Est Earnings Yield +2 SD +1 SD Mean SD -2 SD Barclay's Inv Grade Bond Yields (YTW) vs. S&P 5 Trailing Earnings S&P 5 Trailing P/E 8% 6% 4% 2% % -2% -4% -6% Inv Grade Bond Yld >S&P 5 Trailing Earnings Yield Inv Grade Bond Yld < S&P 5 Trailing Earnings Yield Sources: All Data as of 28 February 213. Investment grade bonds represented by the BofA ML Corporate Bond Master Index (top left) and. the corporate bond component of the Barclays Aggregate Bond Index (bottom left). The S&P 5 index is a commonly used measure of the broad U.S. stock market s performance. P/E Ratio sources : Bloomberg. Page 12 I For broker/dealer use only and not be distributed to the public.

13 Benefits of Investing in Equity-Linked Securities Convertible versus High Yield Bond Prices Bond Price Convertible Security High Yield Bond $1 par Stock Price Past performance does not guarantee future results. Source: Pioneer Investments. For illustrative purposes only. Page 13 I For broker/dealer use only and not be distributed to the public.

14 Market Outlook Developed market sovereigns, including US government debt, look unattractive Corporate credit, particularly bank loans and some high yield corporates, offer value, in light of somewhat below average spreads and well below average default rates. Floating rate securities may be attractive to hedge interest rate risk without too much yield give-up. Higher yielding emerging market currencies are attractive, reflecting longer-term secular growth trends and the impact of QE3 on the Dollar. Convertible bonds may be attractive, given greater relative value in equities. Equities are historically cheap versus fixed income. Page 14 I For broker/dealer use only and not be distributed to the public.

15 Pioneer Funds Strategic Income Investment Philosophy We believe a value approach to fixed income investing combined with careful assessment of risk can identify opportunities for above average total return. Our fixed income strategies are based on extensive in-house fundamental and quantitative research. Pioneer Investments fixed income organisation is built on the premise that a tightly-knit group of highly experienced Fixed Income Portfolio Managers and Research Analysts working collaboratively can produce competitive investment results. Page 15 I For broker/dealer use only and not be distributed to the public.

16 Pioneer Investments - US Fixed Income Investment Process Integrated Investment Process Buy Discipline Top-Down: Economic and market analysis Bottom-Up: Fundamental and absolute value Fundamental Research Quantitative Research Generate investment ideas Review investment cases frequently Leverage Analysts expertise worldwide Portfolios Sell Discipline Change in fundamentals More attractive alternatives Bond screening tools Risk management tools Performance and risk measurement Page 16 I For broker/dealer use only and not be distributed to the public.

17 Pioneer Funds Strategic Income Strategy Overview We believe that a fixed income portfolio that includes a wide range of global fixed income sectors can achieve competitive returns to a typical high quality core fixed income approach, without excessive additional volatility. US Treasuries/ Agencies International Investment Grade US Municipals US Mortgage-Backed Securities US Investment Grade Corporates US High Yield Corporates Non-Agency MBS and ABS Low correlations of global fixed income and non-investment grade debt markets with US investment grade markets Active asset allocation methodology Individual security selection International High Yield Emerging Market Debt Currency Convertibles Page 17 I For broker/dealer use only and not be distributed to the public.

18 Pioneer Funds Strategic Income Current Portfolio Positioning Governments Minimal US Treasury exposure Selective non-us Sovereign positions, including Emerging Market Sovereigns Credit Broad overweight in Corporates Overweight Financials, including Insurance Companies Maintaining diversified High Yield and Emerging Market Corporate exposure Structured Securities Significant underweight to Agency MBS Allocation favours non-agency CMOs and HEL Neutral to investment grade CMBS Page 18 I For broker/dealer use only and not be distributed to the public.

19 Pioneer Funds Strategic Income Current Portfolio Positioning Municipal Bonds Opportunistic allocation to AAA/AA* is nearing fair value Duration/curve Positioned for slow recovery Short duration one year Bar-belled yield curve (short 1 year, o/w 2-3 yr, u/w 2-7 yr) Positive convexity vs. negative convexity of Index Currencies Low allocation to non-usd developed markets Increasing allocation to higher yielding emerging market currencies *As rated by Moody s Investor Service or the Standard & Poor s. S&P Rating: Source Standard and Poor s Copyright The McGraw Hill Companies (213). Page 19 I For broker/dealer use only and not be distributed to the public.

20 Pioneer Funds Strategic Income Active Historical Sector Allocations as of 31 March 213 1% 9% 8% 7% Cash Treasury Municipals Non-Agency Mortgage- Backed/Asset-Backed Securities Ratio 4% 3% 5% 4% 15% 6% Agency Mortgage-Backed Securities US Investment Grade 17% 5% Int'l. Investment Grade 9% 4% 3% US High Yield* 19% 2% Int'l. High Yield 5% 1% % Emerging Markets Convertible Securities 14% 5% Data as of 31 March 213 *Includes Event-Linked Bonds (2%), Common and Preferred Stock (2%). The sub-fund is actively managed; sector allocations will vary over periods and do not reflect a commitment to an investment policy or sector. Page 2 I For broker/dealer use only and not be distributed to the public.

21 Total US Government: 72% Risk In Benchmark-Driven Allocations Increasing And Significant Government Exposure Sector History of the Barclays US Aggregate Bond Index: % 9% 8% 7% Treasuries 37% 6% 6% 5% Agencies 4% 29% 3% Agency MBS 2% 1% % Corporates Yankees CMBS/ABS 18% 8% 2% Last Data Point: 31 March 213. Source: Pioneer Investments The fund is actively managed; sector allocations will vary over other periods and do not reflect a commitment to an investment policy or sector. The Barclays Aggregate Bond Index is a broad measure of the U.S. corporate bond market. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index. Page 21 I For broker/dealer use only and not be distributed to the public.

22 Pioneer Funds Strategic Income Sector Allocation and Characteristics as of 28 March 213 U.S. High Yield U.S. Investment Grade Non-Agency MBS/ABS Emerging Markets 19.3% 16.8% 15.3% 14.3% Maturity Distribution % to 1 Year to 3 Years to 4 Years to 6 Years 19.5 Characteristics Average Credit Quality* Effective Duration Average Life BBB years 7.41 years Int'l Investment Grade Cash 4.4% 9.2% 6 to 8 Years Years 1 Quality Distribution* % Municipals 5.5% AAA (Includes Cash) 17.6 Convertibles 4.8% AA 5.5 Int'l High Yield Agency MBS Treasury * 5.% 3.5% 2.5% Portfolio % % 5% 1% 15% 2% A 11.1 BBB 26.9 Below BBB 38.9 Source: Pioneer Investments, Moody s and S&P. If the ratings provided by Moody s and S&P for a security differ, the higher of the two ratings is used. S&P Rating: Source Standard and Poor s Copyright The McGraw Hill Companies (213). The Portfolio is actively managed, and current characteristics may be different. Portfolio sector allocations will vary over other periods and do not reflect a commitment to an investment policy or sector. *Average Credit Quality is an asset weighted average of the higher rating of the fixed income securities, cash, and cash equivalents in the Fund as provided by Moody s or S&P. The rating also includes securities that have not been rated by either of the rating agencies, which has the effect of reducing the overall average. Source: Wilshire Axiom as of 28 March 213. Page 22 I For broker/dealer use only and not be distributed to the public.

23 Pioneer Funds Strategic Income Trailing Returns as at 28 March 213 Fund % Benchmark % Relative % YTD Year Years Ann Years Ann Source: Pioneer Investments as of 28 March 213. Source: Performance figures are in USD and have been converted from the sub-fund's base currency, the euro. Performance data provided refers to Class A units only, and is based upon NAV net of fees. For details of other unit Classes available, please refer to the prospectus. Past performance does not guarantee and is not indicative of future results. Benchmark: BarCap US Universal Index Page 23 I For broker/dealer use only and not be distributed to the public.

24 Why Pioneer Funds Strategic Income? Stable, seasoned, investment team Proven value-driven process focused on dynamic asset allocation and security selection Benchmark aware, not benchmark-driven Core competency in credit Diversified approach seeks to limit downside risk Page 24 I For broker/dealer use only and not be distributed to the public.

25 Risk Statistics as at 28 March 213 Pioneer Funds Strategic Income Barclays Capital US Universal Index Alpha 5.42 Tracking Error 4.7 Information Ratio.34 Beta R-squared Sharpe Ratio Standard Deviation years based on monthly data. Source: Morningstar Page 25 I For broker/dealer use only and not be distributed to the public.

26 APPENDIX Page 26 I For broker/dealer use only and not be distributed to the public.

27 Pioneer Investments US Fixed Income Capabilities and AUM in $Billions Multi-Asset Ultrashort Income/Short Term $1.5 Municipals $2.71 Money Markets $.39 Credit Opportunities $.47 Bank Loans $.94 Absolute Return Credit $.1 Opportunistic Global Bond $.3 *Investment Grade $1.58 Opportunistic Core $2.53 US High Yield $4.9 Global High Yield $5.72 Opportunistic Core Plus $13.5 $33.5 Billion in US Fixed Income Assets Under Management As of 31/12/212 Source: Pioneer Research as of 31/12/212 in billions $ USD *Primarily includes Intermediate Investment Grade, Investment Grade Long Duration, Investment Grade Municipals, U.S. Government, Intermediate & Limited Maturity and Mortgage Credit Opportunity. We also manage approximately $836 million in Balanced/Flexible portfolios consisting of $51 million in Multi-Asset Real Return, $25 million in Multi- Asset Income, and $31 million in Balanced portfolios. In addition, we also manage $28 million in Opportunistic Global Bonds. Page 27 I For broker/dealer use only and not be distributed to the public.

28 Pioneer Investments US Fixed Income Overview Investment Team Ken Taubes Chief Investment Officer, US Head of Fixed Income Tony Koenig Chief Administrative Officer PORTFOLIO MANAGEMENT RESEARCH High Yield & Bank Loans Andrew Feltus, CFA Jonathan Sharkey Tracy Wright Investment Grade Charles Melchreit, CFA Seth Roman, CFA Richard Schlanger Tax Exempt David Eurkus Tim Pynchon, CFA Mortgages / ABS Steve Bernhardt Nicholas Pauwels Larry Zeno Alan Buck, CFA David Brecht, CFA Jonathan Chirunga Joanne Fisher, CFA Jessica Frattura Daniel Gilbert, CFA Analysts Michael Temple Director of Credit Research Keith Hogan, CFA Bradley Komenda, CFA Chin Liu William Taylor Richard Stevens William Woo Paresh Upadhyaya Director of Currency Strategy Meredith Birdsall, CFA Fixed Income Investment Strategist Amy DiMarzio Fixed Income Investment Strategist Trading Non-US Fixed Income Equity Research Risk/Compliance As of 31 December 212 Page 28 I For broker/dealer use only and not be distributed to the public.

29 Dec-99 Dec- Dec-1 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 % Change Credit is Available: Rising US Consumer Credit Consumer Borrowing % Change Quarterly Source: Federal Reserve and Pioneer Investments. Last data point 31/12/212. Page 29 I For broker/dealer use only and not be distributed to the public.

30 Apr-8 Apr-9 Apr-1 Apr-11 Apr-12 $ Billions Apr-8 Apr-9 Apr-1 Apr-11 Apr-12 $ Billions US Lending is Increasing: Commercial and Consumer Commercial and Industrial Loans 1,8 1,6 1,4 1,2 $1,53 1, Consumer Loans 1,2 $1,117 1, 8 Source: Federal Reserve. Last data point 1/12/212. Page 3 I For broker/dealer use only and not be distributed to the public.

31 Jul-97 Jul-98 Jul-99 Jul- Jul-1 Jul-2 Jul-3 Jul-4 Jul-5 Jul-6 Jul-7 Jul-8 Jul-9 Jul-1 Jul-11 Jul-12 Sep-99 Sep- Sep-1 Sep-2 Sep-3 Sep-4 Sep-5 Sep-6 Sep-7 Sep-8 Sep-9 Sep-1 Sep-11 Sep-12 BASIS POINTS Spread over Libor Sep-89 Sep-9 Sep-91 Sep-92 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep- Sep-1 Sep-2 Sep-3 Sep-4 Sep-5 Sep-6 Sep-7 Sep-8 Sep-9 Sep-1 Sep-11 Sep-12 1/2/ /6/1998 9/17/1999 7/21/2 5/25/21 3/22/22 1/24/23 11/28/23 1/1/24 8/12/25 6/16/26 4/2/27 2/15/28 12/19/28 1/23/29 8/2/21 6/17/211 4/13/212 2/8/213 BASIS POINTS BASIS POINTS US and Emerging Market High Yield Favoured Over International High Yield US HIGH YIELD VS US TREASURY US HY vs EUROPE HY (GBP & EUR) SD + 3 SD + 2 SD + 1 SD MEAN = SD SD -2 SD -1 SD MEAN = -1 SD - 2 SD -3 SD -89 US HY vs EM Corp (Risky) Average Spread over LIBOR for BB/B Bank Loans (3 Year Refinance Assumption) SD -155 MEAN = SD - 2 SD - 3 SD SD + 2 SD + 1 SD MEAN = - 1 SD 596 Source: Bloomberg, Data as of 1 March 213 Page 31 I For broker/dealer use only and not be distributed to the public.

32 Economic Outlook 213 We expect modest growth of approximately 2.5% in the US led by consumption, housing improvement, and exports. While the sequester and increased taxes may detract from growth, we believe that the countervailing trends of improving global growth, particularly in Asia and Latin America, combined with easier global monetary policies from the ECB, BOJ, and others, should offset much of this effect. Consumption may continue to benefit from rising housing and equity values, improving consumer confidence, increased credit availability, and modest job growth. In addition, the interest-rate sensitive sectors of the economy housing and autos are now contributing to growth. As the housing market recovers, employment of low-skilled workers may rise. While corporations led the 29 economic recovery and continue to enjoy strong margins and balance sheets, certain industries have suffered softening demand from Europe and Asia. In addition, corporations have been hesitant to invest in the face of uncertain global growth, taxes and regulation. The resolution of some of these issues over time may improve investment. Although, if growth opportunities cannot be exploited, companies will continue to use their ample cash for cash-rich stock buy-backs or increased merger and acquisition activity. Emerging market growth may improve in 213 on the lagged effects of widespread monetary and fiscal easing moves by central banks and governments. We remain cautious on Europe. The ECB has made progress in ensuring liquidity through the LTRO facility and its OMT program, and through fiscal consolidation. A comprehensive solution involving recapitalizing the banks, ensuring funding for troubled sovereigns, achieving workable fiscal and economic integration, and improving labor competitiveness in southern Europe is required to completely defuse the crisis longer term. The greatest risks to our forecast are contagion effects from the European sovereign debt and banking crisis; a replay of the European difficulties, and a Middle East conflict. Page 32 I For broker/dealer use only and not be distributed to the public.

33 Biographies ANDREW FELTUS, CFA Senior Vice President and Portfolio Manager Joined Pioneer Investments: 1994 Investment Experience: Since 1991 Andrew Feltus is Senior Vice President of Pioneer Investment Management, Inc., the U.S. investment division of Pioneer Investments and Portfolio Manager of the Global High Yield, and a co-portfolio Manager of the U.S. High Yield and Core Plus strategies. He is also co-portfolio Manager for Pioneer Absolute Return Credit Fund. He has extensive experience managing a wide range of debt securities globally, including emerging markets and foreign exchange, and has previously managed money market portfolios. He joined Pioneer Investments as a Fixed Income Analyst and was promoted to Portfolio Manager in 21. Prior to joining Pioneer, he worked on the bond desk at Massachusetts Financial Services. Andrew has been actively managing U.S. fixed income portfolios since 1994, and managing derivatives (primarily bond futures since 1992, currency forwards since 1994, and credit default swaps since 28) which are used in a number of portfolios under his management. He holds a BA in quantitative economics and philosophy from Tufts University (1991). He is a CFA charterholder. Page 33 I For broker/dealer use only and not be distributed to the public.

34 Important Information Unless otherwise stated all information contained in this document is from Pioneer Investments and is as of 28 March 213. Pioneer Funds Strategic Income 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. Past performance does not guarantee and is not indicative of future results. Unless otherwise stated, all views expressed are those of Pioneer Investmetns. 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 sales 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 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 United States person (being residents and citizens of the United States or partnerships or corporations organized under United States laws). The Fund has not been registered in the United States under the Investment Company Act of 194 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 PGIL. 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, authorised by the Central Bank of Ireland and regulated by the Financial Services Authority for the conduct of UK business. The Fund is an unregulated collective investment scheme under the UK Financial Services and Markets Act 2 and therefore does not carry the protection provided by the UK regulatory system. Pioneer Funds Distributor, Inc., 6 State Street, Boston, MA 219 ( 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 9 May 213 Page 34 I For broker/dealer use only and not be distributed to the public.