Merrill Lynch Due Diligence Meeting October 2012, Boston

Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston The Power of Collective Expertise Paul F. Cloonan, CFA Co-Head of Equity Research, US Senior Vice President For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public

Agenda Portfolio Overview Key Facts Investment Philosophy Investment Process Performance Portfolio Characteristics Portfolio Management Team For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 2

Portfolio Overview Broadly diversified* US equity portfolio Sector neutral versus benchmark (S&P 500 Index) As such performance is not achieved through sector positions but by selecting the most attractive companies Managed by Pioneer Investments US Research Analysts Best ideas of analysts in each sector Based on proprietary fundamental research Leverage off Research team of experienced and specialised career analysts * Diversification does not guarantee a profit or protect against a loss. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 3

Key Facts Total AUM (Mil) $2,302.4 Total Number of Holdings 101 Fund Inception 20 April 1998 First Nav Date (A Class) 27 December 2001 Benchmark S&P 500 Morningstar Rating Source: Pioneer Investments as at 28 September 2012. Morningstar Ratings: Copyright 2012 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) may not be copied or distributed; and (2) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 5

Investment Philosophy Bottom-up, research-driven investment philosophy Specialist career Analysts, with in-depth knowledge of companies and sectors Aim to produce stable outperformance over time using insights gained from research For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 7

Investment Process Bottom-up, research-driven, integrated team effort with Quantitative Research Analysts and Portfolio Managers Buy Discipline Define investment case Identify discount Construct Portfolio Quantitative Analysts Risk budgeting Stock screening/idea generation Performance monitoring Quant. financial models Portfolio Managers Sell Discipline Target price reached Story changes Better opportunities Fundamental Analysts Approx. 14 US equity analysts* Career Analysts Extensive company contacts and research coverage Idea generation/sponsor stocks Manage research portfolio *Source: Pioneer Investments as at 30 September 2012. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 9

Pioneer Investments US Equity Research Team S&P 500 Sector Breakdown As at 30 September 2012. Paul Cloonan, CFA Semiconductors and Media Pioneer Investments since 1997 Over 15 years in Investment Management J. Clarkson Williams Technology Hardware Pioneer Investments since 1995 Over 20 years in Investment Management Yves Raymond Software and Services Pioneer Investments since 1999 Over 10 years in Investment Management George Sidgwick Telecommunications and Media Pioneer Investments since 2003 Over 8 years in Investment Management Bradley Galko Capital Goods Pioneer Investments since 2001 Over 15 years in Investment Management David Sobell Biotechnology, Health Care Equipment and Services Pioneer Investments since 2000 Over 15 years in Investment Management Christian Fay Pharmaceuticals, Life Science Tools and Equipment Pioneer Investments since 2006 Over 10 years in Investment Management Carol Lintz Consumer Pioneer Investments since 2006 Over 25 years in Investment Management Robert Petrie Consumer Pioneer Investments since 2012 Over 14 years in Investment Management John Peckham Materials Pioneer Investments since 2002 Over 10 years in Investment Management John Murray Energy Pioneer Investments since 2012 Over 12 years in Investment Management Terry Shu Insurance and Utilities Pioneer Investments since 2008 Over 30 years in Investment Management James Moynihan Banks and Real Estate Pioneer Investments since 2007 Over 20 years in Investment Management Brian Popiel Diversified Financials Pioneer Investments since 2011 Over 12 years in Investment Management For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 10

Investment Process Stock Selection Research Insights and Investment Cases Research insight is a fundamentally different understanding of an investment controversy or critical issue that manifests itself in a material price anomaly versus the existing share price. Investment case is a clear, concise articulation of an analyst s research insight. An articulation of what an analyst understands regarding investment controversy that is different to what is imputed in the share price. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 11

Investment Process Industry analysis Company positioning Strategy assessment Management evaluation Financial modelling Valuation Risk assessment Investment Rating Portfolio For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 12

Investment Process: Ratings Analysts have to make a call no neutral ratings Strength of Buy conviction reflected by size of holding in research portfolio Best ideas held in research portfolio Rating Buy Overweight Sell Avoid Description Very best ideas held in European or US Research portfolios Stocks which we expect to outperform their sector Stocks which we expect to underperform their sector Stocks which should not be owned due to issues such as accounting fraud, unsustainable business model, etc. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 13

Investment Process: Stock Selection Valuation Analysis Common aim to establish Net Present Value of business Discounted cash flow analysis a key tool Ratios used as proxies for NPV Price/Cash flow (EV/EBITDA* preferred) Return on capital employed Earnings and cash flow growth Dividend yield Price/Earnings Risk to delivery of cash flows Sensitivity analysis Visibility and transparency Balance sheet position Focus on cash flow to minimise accounting distortions of earnings All analysis based upon proprietary financial models *EV/EBITDA represents the Enterprise Multiple, or Enterprise Value divided by Earnings before Interest, Taxes, Depreciation and Amortization. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 14

Performance vs. Morningstar Peers as at 28 September 2012 3 rd 1 Year 3 Years Ann. 5 Years Ann. 10 Years Ann. % Rank 35% 29% 21% 15% Quartile 32 rd nd 2 nd 1 st 13 st rd Source: Morningstar: Copyright 2012 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) may not be copied or distributed; and (2) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Unless otherwise stated, Morningstar overall ratings and rankings are based on Class A USD non distributing units. Morningstar quartile rankings are based on a comparison of the relevant Pioneer Investments fund s Morningstar relative performance to all the other funds in the same Morningstar category. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 16

Trailing Returns Fund % Benchmark % Relative % 1 Month 2.21 2.58-0.37 3 Months 5.64 6.35-0.71 YTD 14.36 16.44-2.08 1 Year 27.39 30.20-2.81 3 Years Ann. 11.28 13.22-1.94 5 Years Ann. 0.26 1.05-0.79 Source: Pioneer Investments as at 28 September 2012. 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. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 17

Calendar Year Returns 2008-2012 Fund % Benchmark % Relative % 2012 (YTD) 14.36 16.44-2.08 2011-0.49 2.11-2.60 2010 13.62 15.06-1.44 2009 28.85 26.46 2.39 2008-36.39-37.00 0.61 Source: Pioneer Investments as at 28 September 2012. 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. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 18

Calendar Year Returns 2008-2012 Pioneer Funds U.S. Research Class A USD Non-Distributing S&P 500 Relative Source: Pioneer Investments as at 28 September 2012. 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. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 19

Growth of 10,000 USD Pioneer Funds U.S. Research Class A USD Non-Distributing S&P 500 Source: Pioneer Investments as at 28 September 2012. 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. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 20

Risk Analysis (3 Years) Standard Deviation 15.82 % Sharpe Ratio 0.73 Alpha -0.37 % Beta 1.0079 R-Squared 0.9613 Source: Pioneer Investments as at 28 September 2012. Risk Measures, except Standard Deviation and Sharpe Ratio, are based on Class E Units, which are only offered for public sale in Italy. Standard Deviation and Sharpe Ratio: Morningstar. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 21

Top 10 Holdings Name Sector Country % Apple Inc IT US 5.5 Exxon Mobil Corp Energy US 3.8 Chevron Corp Energy US 2.7 Microsoft Corp IT US 2.6 Google Inc IT US 2.5 Verizon Communications Inc. Telecoms US 2.2 Pfizer Inc Health Care US 2.1 PNC Financial Services Group Inc Financials US 2.1 Oracle Corp IT US 1.9 Johnson & Johnson Health Care US 1.9 Source: Pioneer Investments as at 30 Setpember 2012. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 23

Sector Breakdown Source: Pioneer Investments as at 28 September 2012. The cash position reflects the percentage of settled and available cash. Please see additional GICS disclaimer in the Additional Notes. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 24

Country Breakdown Source: Pioneer Investments as at 28 September 2012. The cash position reflects the percentage of settled and available cash. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 25

Portfolio Management Team Paul Cloonan Portfolio Manager Co-Head of Equity Research, U.S. Senior Vice President Paul Cloonan is the Co-Head of Equity Research, U.S. and Fundamental Equity Analyst with specific responsibilities for the US Semiconductor and Media sectors. He is also Portfolio Manager on Pioneer Disciplined Growth Fund, Pioneer Disciplined Value Fund, Pioneer Research Fund, Pioneer Funds U.S. Research and Pioneer Funds U.S. Research Value. Paul joined Pioneer Investments in 1997 as an analyst for our Emerging Markets team. He focused on developing markets in Asia, such as China, Taiwan, South Korea, India, Thailand and Malaysia and was co-portfolio manager of Pioneer Investments Asia ex Japan portfolios. In 2004, he joined our US Technology research team assuming responsibility for coverage of the Semiconductor sector. In 2005, he also assumed coverage of the US Media sector. In 2006, he was named sector co-ordinator for Global Technology, Media and Telecommunications equity research. In 2010, he was named Head of U.S. Equity Research. Before joining Pioneer Investments, Paul served as a manager in the Financial Advisory Services Group of Ernst & Young, LLP, where he provided company and industry research, and performed valuation analyses for clients engaged in acquisitions, corporate restructuring and other activities. He holds a BA degree from the College of the Holy Cross (1989), a MBA from Babson College (1994) and is a CFA charterholder. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 27

Additional Notes The Global Industry Classification Standard (GICS) SM was developed by and is the exclusive property and a service mark of Standard & Poor's and MSCI. Neither Standard & Poor's, MSCI nor any other party involved in making or compiling any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the forgoing, in no event shall Standard & Poor's, MSCI, any of their affiliates or any third party involved in making or compiling any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 28

Important Information Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 28 September 2012. Pioneer Funds U.S. Research is a sub-fund (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. Past performance does not guarantee and is not indicative of future results. 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. 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 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 +353 1 480 2000 Fax +353 1 449 5000. 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 1940 and units of the Fund are not registered in the United States under the Securities Act of 1933. 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, 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 2000 and therefore does not carry the protection provided by the UK regulatory system. Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA 02109 ( 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 2012 Merrill Lynch Due Diligence Attendees 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: 23 October 2012 For 2012 Merrill Lynch Due Diligence Meeting Attendees Only and Not to be Distributed to the Public Page 29