Pioneer Global Asset Management New York – February 2003

Overview Structure and Governance Future Perspectives

3 Structure and Governance Pioneer Investments is part of UCI group, whose structure has been designed to exploit all the existing business potential and to drive future growth UCI Retail Bank Retail division Corporate division Private & AM division New Europe division Corporate bank Private bank Xelion New Europe Banks

4 Structure and Governance Strong Senior Management Team PGAM Dario Frigerio (CEO) Dublin Milan Momentum Intl USA Canada Mexico Italy Cont. Europe Latin America Asia Poland Czech Rep. Turkey Slovakia COO Angelo Forloni CIO Giordano Lombardo USA Dan Geraci (CEO PIM Inc.) INTERNATIONAL Matteo Perruccio (CEO PIM Sgr & Head of Intl.) NEW EUROPE Dan Kingsbury (CEO N.E.) ALTERNATIVE INV. Alberto La Rocca (CEO Alt. Inv.)

5 Total number of employees: 1,632 (as of 31 December 2002) Audit Structure and Governance A lean Holding Company: strong Investment, Distribution and Operations structures OperationsDistribution Investment Boston Milan Dublin Singapore Pioneer Global Asset Management Risk Management Global Finance Strategic Planning Compliance & Org. 44 Holding Company Human Resources Inform. Technology Research Unit UCI

6 Singapore Warsaw Prague Boston Dublin Hong Kong Miami Buenos Aires Paris Madrid Milan Munich London Structure and Governance A Global Presence …

7 Pioneer IM Inc Boston Pioneer IM Ltd Dublin Pioneer IM SgrpA Milan Pioneer IM Singapore Structure and Governance … leveraging on four Manufacturing Centres

8 Structure and Governance The four pillars of Pioneer as a “Best Practice Company” Consistency in Communication: Performance Presentation Standards - GIPS /AIMR Compliant Risk Control: Segregated Investment and Operational Risk Management Asset Management: Disciplined investment process and client oriented philosophy Corporate Governance: Active role of Independent Directors, Self Regulation Code

9 Investment Risks are controlled within the Investment Division and are reported ultimately to the Global Chief Investment Officer. Independent monitoring is run by Risk Management function which reports to the Board of Directors Operational Risks are controlled by the Risk Management function, providing guidance and support to employees and executive management. All Pioneer employees have responsibilities for managing operational risks. Risk Management * Portfolio Risk Dimensions Categories Structure and Governance Focus on Risk Management Investment Risk * Operational Risk OrganisationalOrganisational MarketMarketCreditCredit BusinessBusinessEventEvent LiquidityLiquidity

Overview Structure and Governance Future Perspectives

11 EBITA in line with 2001 thanks to: Good revenue stream, due to:  product innovation in Italy  strong sales in USA, New Europe and International business areas cost control Strong relative performance of leading funds Higher Third Party penetration and Brand Awareness 2002 Overview Most important achievements

12 (1) Excluding Proprietary Funds (2) Net Sales already included in the other divisions; AuM including Momentum (acquired in Nov. 2002) TOTAL PIONEER Italy (Euro mln) USA International Net Sales 2001 (1) Net Sales 2002 (1) 5, , , , , , ,659 2, ,474 New Europe Alternative Investment (2) ,520 1,522 80,655 PGAM Net Sales (Mln EUR) Overview – Focus on Sales Record net sales in the US, New Europe and International business areas; positive sales in Italy AuM ’02

13 Innovative Capital Guaranteed Products: Wrap Accounts Unit Linked Adaptable to several risk profiles Guarantee of capital Flexible segregated accounts, invested in Pioneer funds and securities linked to a 5-year put option Guarantee: 100% of the investment including entry fees, plus the option cost Maximum weight of equities: 60% of total assets Hedge Funds Single Strategy Hedge Funds Funds of Hedge Funds (Momentum) Structured products on Hedge Funds 2002 Overview – Analysis by business area Italy - Shift towards high value added products: Capital Guaranteed, Unit Linked and Hedge Funds

14 Hedge Funds: 20.18% Mkt. Share (as of ) Unit Linked: 17.72% Mkt. Share (as of ) Mutual Funds: 13.32% Mkt. Share (as of ) UCI current accounts and other deposits: 9.50% Mkt. Share (as of ) Source: Assogestioni for Mkt. Shares in Hedge and Mutual funds; IAMA for Unit Linked and ABI for UCI current accounts and other saving deposits 2002 Overview – Analysis by business area Italy – Benefiting from a long tradition in innovation, Pioneer has gained leading market share in new products Innovative Products vs. Traditional Products

15 Signed agreements with major global platforms: UBS Paine Webber, Salomon Smith Barney, Lehman Private Clients, Standard Chartered, Crédit Suisse Fund Lab., Merrill Lynch, Prudential Bache Agreement with Primary Spanish Bank New mandate from GIC (Singapore) Penetration into new markets (HK, Switzerland) New Mandates First launch of guaranteed notes Launch of guaranteed products New products Top ranking in Chilean Pension System (out of 59) Top ranking in Merrill Lynch offshore platform Top ranking in Prudential Bache platform # 1 foreign fund brand in Germany High Ranking 2002 Overview – Analysis by business area International – New mandates and new products

16 Pioneer High Income Trust Lead underwriters: Merrill Lynch and UBS Paine-Webber Over $ 500 million raised in one-month offering First closed-end mutual fund 2 asset-allocation concepts ( for financial advisors) Double Feature: combination of Pioneer Equity Income Fund and Pioneer High Yield Fund in a single portfolio offering competitive performance and low volatility through negatively correlated investments Pioneer 4: a diversified mix of Pioneer Fund, Pioneer Mid Cap Value Fund, Pioneer Small Cap Value Fund and Pioneer High Yield Fund that outperformed the S&P 500 over the past 3+ years with significantly less volatility Innovative principal-protected mutual fund Over $160 million raised in less than 2 months UNI-K: Innovative individual retirement account 2002 Overview – Analysis by business area USA – 2002 Major initiatives/achievements Co-branded with Merrill Lynch and H&R Block

17 Poland Continued shift from saving deposits to fixed income funds despite tax disadvantages (+75% AUM growth) Launch of closed-end tax-advantaged products Launch of 2 USD fixed income products (clones of Pioneer US funds) Czech Republic Launch of a Luxembourg funds family Slovakia Start of sales of international products Croatia First-move into the market and launch of a balanced fund jointly with Zagrebacka Banka 2002 Overview – Analysis by business area New Europe: Leveraging on Euro-convergence and international products

18 Revenues (2) M02 … revenues are in line with 9M01 … Avg AuM (2) Managerial EBITA (1) Despite lower AuM due to market conditions … … and EBITA improves thanks to cost control (1) Accounting Gross Operating Inc. + Interest expenses + Non-cash Operating items. (2) Revenues from pure Asset Management business.  Good net sales trend outside Italy and related strong performance of underwriting fees (+69.4% y/y)  Confirmed commitment on cost reduction and monitoring, resulting in increased efficiency 9M ,8 ‘02/’01 % ch. -2.3% -0.7% +6.1% 2002 Overview – Key Financial Indicators Sustained profitability, despite difficult market conditions, … 9M02 9M01 9M02 9M01 Euro bn Euro mln

19 European Equities Bonds US Equities Pioneer US High Yield Corporate Bond** Pioneer Strategic Income** Pioneer Euro Short Term*** Pioneer Fund* Pioneer Small Cap Value* Pioneer US Small Companies*** Pioneer US Mid Cap Value*** Pioneer US Value*** Pioneer Independence*** Pioneer French Equity** Pioneer Top European Players*** Pioneer European Small Companies*** Pioneer Euro Select*** 2002 Overview – Focus on Fund Performance … coupled with strong relative fund performance in leading segments… Note: * Over 5 years history – Comparison with peers universe for the last 5 years ** Over 3 years history but less than 5 years – Comparison with peers universe for the last 3 years *** Over 1 year history but less than 3 years – Comparison with peers universe for the last 1 years Top Quartile Funds

Overview – Focus on Fund Performance … and on average overperforming benchmarks in bond and equity portfolios 0%25%50%75%100% Balanced Bond Equity Total 1 Year3 Year5 Year % Funds outperforming Benchmark 1,3,5 years to December '02

21 Period: January December 2002 Italian domiciled Pioneer Conservative Hedge Pioneer Balanced Hedge Pioneer High Risk Hedge Dublin domiciled Pioneer Global Opportunities Pioneer Convertible Bond Arbitrage Pioneer Global Equity Arbitrage Pioneer Long Short European Equity Pioneer Global Macro Note: *Risk free rate for computing Sharpe Ratios at 4% ** Since inception (April 1999) *** Since May 1995 Momentum All Weather Funds Orbit Funds Meteor Funds Capital Guaranteed Funds 2002 Overview – Focus on Fund Performance New Products: Hedge Funds Morgan Stanley World Equity -31.1%8.9%16.6%-0.78% JP Morgan Global Govt Bond CSFB/Tremont HF Index Pioneer Global Opportunities** Momentum All Weather Fund*** 15.0% 37.8% 26.4% 96.8% 3.6% 8.3% 6.5% 9.2% 6.9% 7.6% 4.9% 3.6% -0.06% 0.57% 0.65% 1.19% Annualised Volatility Sharpe Ratio* Annualised Return Total Return

Overview Structure and Governance Future Perspectives

23 Continental Europe North America New Europe Further enhance leadership in Asset Management in close cooperation with UCI Be the best in class provider for UCI Group, while building international presence through selected Third Party channels Pioneer Investments Position Pioneer for Market Share Growth and Introduce Wealth Management Products Future Perspectives – Strategic Guidelines Leveraging on three business divisions with a clearly defined mission Latin America Asia Mainly Bank/Insurance Captive Networks and Global Distribution Open Platforms Euro-convergence

24 * Pertaining to Asset Managers only ** The switch effect has been calculated assuming that in Europe in a 15 year time at least 45% of household financial assets will be institutionally managed Source: PGAM Research Medium-term sustainable AuM growth 28% Disposable Income/ Household financial assets 12% Financial savings/ Disposable Income 3.3% 0.5% Risk premium effect 2% Inflation 2.5% Real GDP Growth 5% Performance + + x x 11% AuM growth 2.7% 2.7% Switch effect into retirement** Net inflows European Asset Management Revenue* and AuM growth (% Change) Revenue AuM Is it realistic? Financial saving /HFA Future Perspectives – Focus on Continental Europe Still a positive medium-term scenario for Asset Managers in Europe...

25 Total Household managed assets*/Household financial assets Data as of 2000 * Calculated including mutual funds, pension funds, life insurance and segregated accounts **Germany, France, Italy, Spain Source:PGAM Research on National statistics data 35% 24% 30% 24% 29% 59% 55% 47% FranceItalyGermanySpainEurope (4) **NetherlandsUKUS 45% target in 15 years Penetration potential Penetration potential Future Perspectives – Focus on Continental Europe... thanks also to the expected alignment of household portfolios to Dutch, UK and US standards

26 Gain recognition as independent manager Excellence in products such as European equities, US value, corporate bonds Focus on high growth segments of open platforms Customization and client servicing for selected channels (A.I., Structured Products) DistinctiveMission One platform, two distribution models DistinctiveMission One platform, two distribution models Proprietary Model Third Party Model Synergies and cross- fertilization Vertical integration with distribution Continuous innovation Scalability Operational efficiency in risk management Advice role Brand Future Perspectives – Focus on Continental Europe Our strategy: devising a winning combination of two distribution models

27 Retail Corporate Private Internationally recognised Brand Best practice in client services Ability to innovate and segment product and service offerings “Pioneer Inside” Cross–fertilization of global expertise Personalised solutions/ Industrialised processes Future Perspectives – Focus on Continental Europe/Italy Our consolidated expertise in the proprietary model is a strong competitive advantage within UCI new organization

28 Pioneer (Manufacturing) UniCredit Private A.M. (Specialist) UCI Private Banking (Relationship) Product Development Packaging Profiling Personalization of strategies on single client portfolios “personalized model” Client relationships Sales effort Asset management advice Product Development and marketing strategies Stock Picking Modelling A/L Risk Modelling “industrial model” Future Perspectives – Focus on Continental Europe/Italy Two examples: one for the Wealth Management Division …

29 Model returns on investment classesLiabilities model Dynamic optimization model for assets-liabilities Risk preferences Investment horizon Dynamic Investment Decisions The Pioneer/Cambridge model Future Perspectives – Focus on Continental Europe/Italy … and one across all client segments including mass/affluent and institutional Long-term Retirement Products Capital Guaranteed & VaR Constrained Portfolios Multi Manager Target Portfolios Since 1999 Pioneer has been engaged with the University of Cambridge-UK in a joint research on Asset Liability Management, that has now delivered the first operational models.

30 Focus on strategic relationships Excellence in key products Gaining Third Party Mandates proposing “non transactional” deals Focus on Funds of Funds, Structured Products, Institutional and Private Banking Build Hedge Funds business Focus on key partners and value added of being integrated provider with full range of Long, Alternative + Structured Products Brand Recognition “Pioneer Investments is the most distinguished brand in the financial services sector in Germany”* * Source: Capital Corporate Branding survey – Sector Analysis 2002 Future Perspectives – Focus on Continental Europe (ex Italy), LatAm and Asia Gaining even broader recognition as leading third party player in Europe, LatAm and Asia

31 Diversify Pioneer’s mix of equity and fixed income fund sales through multi-asset class fund packages (e.g., Pioneer Four, Double Feature) Actively promote and distribute Pioneer’s hedge fund strategies (institutional and retail) Close gaps in product range (investment styles; various disciplines) Upcoming Initiatives New Product Launches Separate account strategies and capabilities Enhanced variable annuity products now wrapped by Travelers Insurance Company Tax deferred education savings program (i.e., 529 Plan) Institutional mandates across all appropriate disciplines Future Perspectives – Focus on USA Position Pioneer USA for market share growth and introduce Wealth Management products

32 Launch clones of Pioneer Euro funds (fixed income, balanced, &equity) Launch Savings Plan program with Bank Pekao Work to shift emphasis from local fixed income to local balanced & equity and to international strategies Poland Czech Republic Complete registration of fixed income portion of Luxembourg family product line Determine synergies with Zivnostenska Banka asset management SlovakiaCroatiaTurkey Launch a Luxembourg fund family Launch guaranteed products Explore and develop opportunities with new financial service joint venture between UCI and the Koc Group Future Perspectives – Focus on New Europe Further enhance leadership in Asset Management in close cooperation with UCI local banks

33 Industrialised Process Pioneer Personalised Solutions / Future Perspectives – Strategy Synopsis Our Mission: Help distributors to best service their clients by optimising portfolio strategy and risk control