1. Pioneer Investments Press Conference Slovenia DDr. Werner Kretschmer | 28th of September 2007

2. Press Conference Slovenia | 28th September 2007 | Page 2 Pioneer Investments Our Mission…. To create sustainable value for our clients through growing and preserving their assets

3. Press Conference Slovenia | 28th September 2007 | Page 3 Agenda  Corporate Overview  CEE story so far  Opportunities and challenges  Strategy for Slovenia

4. Press Conference Slovenia | 28th September 2007 | Page 4 Strong Parentage Pioneer Investments is owned by UniCredito Italiano S.p.A.  UniCredit is the first truly European bank –One of the largest banking and financial services organizations in Europe –market capitalization: over €67 billion as at 19 July 2007 1 –35 million customers, over 7,000 branches and 135,857 employees 2 (as at 31 March 2007)  UniCredit has a strong geographic presence –UniCredit is a global player with coverage in 5 continents  Strong credit rating: –Moody’s Aa2 ( as at 22 June 2007) –Standard & Poor’s A+ (as at 18 July 2007) UniCredit Group Retail DivisionCorporate Division Private Banking Division Asset Management Division Markets & Investment Banking Division Poland’s Markets Division CEE Division Global Banking Services Division 1.Source: Pioneer Investments 2. These figures include all employees of Koç Group which is consolidated proportionally.

5. Press Conference Slovenia | 28th September 2007 | Page 5  Pioneer Investments –A presence in 25 countries worldwide –AUM: €237.6 billion as at 30 June 2007 –Over 2,350 employees, thereof more than 300 investment professionals Global Presence – Local Insight Source: Pioneer Investments as at 30 June 2007

6. Press Conference Slovenia | 28th September 2007 | Page 6 Fitch Ratings rates Pioneer Investments as “strong"  “Generally stable”  “Well-capitalised”  “Highly experienced, tenured management teams”  “Experienced front-, middle-, and back- office staff“  “Strong risk management and internal control functions”  “Frequent investment analysis and monitoring, forming a disciplined approach.”  “Strong investment administration capabilities”  “Good analytical and decision-support tools”  Under the new Fitch Rating system introduced in June 2007, Pioneer Investments* receives an "M2" score ("Strong") Qualities of "M2" rated organisations, according to Fitch: *Fitch Ratings’ Manager Rating applies to the Milan, Dublin and Boston operations of Pioneer Investments.

7. Press Conference Slovenia | 28th September 2007 | Page 7 Pioneer Global and Integrated Pioneer Investments model Distribution Channels  Retail & Private Proprietary  Third Party/Wholesale  Institutionals Reputation  Values  Brand  Culture Investment solutions  Open/Closed Mutual funds  Hedge funds  Segregated accounts  Guaranteed & VAR products  Asset allocation  Pension products Total CEE USA International Germany Italy AuM eur bnAssets Austria (1) 256.1 10.6 51.2 16.0 49.5 110.3 18.5 15 TOP STARFUNDS Data as per 30 June 2007 (1) Pioneer Investments Austria is currently a subsidiary of Bank Austria Creditanstalt

8. Press Conference Slovenia | 28th September 2007 | Page 8 Agenda  Corporate Overview  CEE story so far  Opportunities and challenges  Strategy for Slovenia

9. Press Conference Slovenia | 28th September 2007 | Page 9 Source: Pioneer Investments, as of 31/03/2007 (1) Including market share of ZB Invest, Croatia (2) Market share of Yapi Kredi Asset Management 11 8 7 5 4 2 1 1 1 Ranking Slovenia Romania Slovakia Hungary Czech Rep. Turkey (2) Poland Bulgaria Croatia (1) Market share in % 5.8 2.8 29.9 23.5 22.3 20.0 7.0 8.0 2.3 Pioneer Investments is the Number One Player in the CEE Region …

10. Press Conference Slovenia | 28th September 2007 | Page 10 … with a Diversified Portfolio Breakdown of assets in CEE 46.4% Balanced 32.6% Equity Others 21% Turkey Croatia Further AuM non-consolidated Pioneer AuM total AuM total Russia Romania Slovenia Bulgaria Slovakia Czech Rep. Hungary 3,271 (2) 1,061 (1) 10,170 14,502 start up 12 65 77 130 628 1,273 7,985Poland AuM eur mlnPioneer Investments Source: Pioneer Investments, as of 31/5/2007 (1) including AuM of ZB Invest, Croatia (2) AuM of Yapi Kredi Asset Management

11. Press Conference Slovenia | 28th September 2007 | Page 11 Agenda  Corporate Overview  CEE story so far  Opportunities and challenges  Strategy for Slovenia

12. Press Conference Slovenia | 28th September 2007 | Page 12 CEE is One of the Fastest Growing Regions, being Reflected in Strong Growth of Household Wealth eur bn Estimated growth of Household Wealth 2006-2009 11 29 77 60 182 23 24 23 177 155 +8 +13 +21 +15 +72 +16 +12 +10 +209 +63 Bulgaria Croatia Czech Rep. Hungary Poland Romania Slovakia Slovenia Russia Turkey Wealth 2006 Wealth Growth 06-09 CEE + Russia: CAGR 16.4% p.a. from eur 760 bn in 2006 to eur 1,200 bn in 2009 Source: New Europe Households‘ Wealth and Debt Monitor, UniCredit May 2007

13. Press Conference Slovenia | 28th September 2007 | Page 13 with Funds amongst the Most Demanded Products CEE + Russia: CAGR% deposits + currencies 15% securities + shares 11% mutual funds 22% Insurance 18% pension funds 21% Estimated cumulative growth of bank deposits vs. funds 2006-2009 Bank deposits % Bulgaria Source: New Europe Households‘ Wealth and Debt Monitor, UniCredit May 2007 Mutual funds 15.3 54.1 7.1 13.3 6.4 14 5.7 10.2 6.5 18.6 20.8 60.5 7.9 16 3.0 20.3 27.9 40.8 15.0 15.5 CroatiaCzech Rep. HungaryPolandRomaniaSlovakiaSloveniaRussiaTurkey

14. Press Conference Slovenia | 28th September 2007 | Page 14 Agenda  Corporate Overview  CEE story so far  Opportunities and challenges  Strategy for Slovenia

15. Press Conference Slovenia | 28th September 2007 | Page 15 Leverage on Group Strengths to Meet Local Needs LEVERAGE ON  a wide range of global products  strong, experienced distribution channels, close to the market  being a highly - reputed international player TO MEET DEMANDS IN A CHANGING ENVIRONMENT IN SLOVENIA  wider range of EUR investment possibilities  more sophisticated products  appetite for wider geographic allocation  increased sensitivity to quality - > enhance the existing product range by Pioneer Luxembourg domiciled family

16. Press Conference Slovenia | 28th September 2007 | Page 16 EuropeanUSGlobalEmerging & Far East European Small CompaniesU.S. Mid Cap ValueTop Global PlayersEmerging Markets Equity Eastern European Equity Greater China Equity Top European PlayersU.S. Research Japanese Equity Pacific (Ex. Japan) Equity The correct legal name of the Sub-funds should be pre-fixed by “Pioneer Funds”. Luxemburg Domiciled Funds Equity Funds U.S. Pioneer Fund

17. Press Conference Slovenia | 28th September 2007 | Page 17 The correct legal name of the Sub-funds should be pre-fixed by “Pioneer Funds” and “Pioneer P.F.” Focus on Mutual Funds - Our Fixed Income Range Short-Term Euro Short-Term Global and Emerging Emerging Markets Bond International Bond European Euro Bond Luxemburg Domiciled Funds Bond Funds and Short-Term Funds Portfolio Funds Global Defensive Plus Global Dynamic Plus Global

18. Press Conference Slovenia | 28th September 2007 | Page 18  Disclaimer - This document is produced for additional information and only in regard to the non public offering of the units or the reporting activities of certain funds as mentioned before and shall not be constituted as an offer, a recommendation or an invitation to buy or sell any securities or to invest in indices or markets referred to therein, nor shall it form the basis of or relied upon in connection with any contract or commitment whatsoever. Any opinions or statements included herein constitute our judgment at the time specified and may be subject to change without notice. The information, opinion or statement in this document have been compiled, or arrived at, based upon information obtained from sources believed to be reliable and made in good faith. However no representation nor warranty, express or implied, is made to its accuracy or completeness. Pioneer Investments, therefore accepts no liability for any loss arising, whether direct or indirect, which may be caused by the use of any part of the information provided. - All rights in respect of translation adaptation, total or partial reproduction of this document, by any process whatsoever, in any country whatsoever, are reserved unless Pioneer Investments has given its consent.