Stefany de Villeneuve, PR Manager UK Tel: +44 (0)20 7190 2040 email: Stefany.devilleneuve@pioneerinvestments.com

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PIONEER INVESTMENTS LAUNCHES EMERGING MARKETS BOND SHORT-TERM STRATEGY

- Designed to appeal to investors seeking protection from rising rates - New strategy aiming to offer better income through shorter duration exposure - Leveraging off Pioneer Investments’ award-winning Emerging Markets Bond

expertise DUBLIN/LONDON, 11 JUNE 2015

Against a backdrop of rising interest rate expectations and a steepening yield curve, investors appear to be increasingly

allocating to strategies, which are less sensitive to and can offer better protection from a rising interest rate environment.

‘’Emerging Markets remain one of the most dynamic areas in the investable universe,’’ said Yerlan Syzdykov, Head of Emerging

Markets Bond and High Yield at Pioneer Investments, ‘’but the “Taper Tantrum” in May 2013 demonstrated the impact on

Emerging Markets Fixed Income as a result of U.S. interest rate expectations.’’

We believe a solution is to look to the short duration part of the market.

‘’Short Term Emerging Market Bonds are less sensitive to changes in both domestic and developed world interest rates ‘’ said

Syzdykov, ‘’and can provide investors with the yield from Emerging Markets with less of the volatility associated with longer

duration Emerging Market Bonds.’’

To satisfy this demand, Pioneer Investments has launched an Emerging Markets Bond Short-Term Strategy - the latest offering

in its award-winning range of Emerging Markets Fixed Income products. The launch is also a natural evolution in line with its

developed short-term fixed income offering, including Pioneer Investments’ Euro Corporate Short Term USD Short Term

strategies.

‘’The Short Term Emerging Markets universe can offer protection in a rising rate environment with the added incentive of

appealing yield’’, said Syzdykov. ‘’Furthermore,’’ he added, ‘’we believe that in the current market environment, Emerging

Markets Short Term Debt can offer better income versus other asset classes, with shorter duration’’. Emerging Market Short

Term offers a material spread pickup relative to other Fixed Income markets.

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For further information, contact: Stefany de Villeneuve, PR Manager UK Tel: +44 (0)20 7190 2040 email: Stefany.devilleneuve@pioneerinvestments.com

The yield on Emerging Markets Bond Short-Term Strategy is 4%*.

The new strategy will be managed by Pioneer Investments’ Emerging Market Fixed Income team under the direction of lead

Portfolio Manager Yerlan Syzdykov, who has managed Emerging Market Debt portfolios at Pioneer Investments since 2000.

The strategy employs a similar fundamental top down, bottom up approach investment approach to the existing Emerging

Markets Fixed Income range, seeking to exploit the increasing divergence in emerging markets economic performance.

With a broad capability in emerging markets fixed income, Pioneer Investments is amongst the top 10 bond companies globally

by AUM**. The London-based emerging markets bond team manages around €8.3 billion*** in assets and the portfolio

management team averages 17 years’ industry experience, with a deep knowledge of local markets and proven track record.

They are supported by a large and seasoned team of in-house career analysts, specialized by sector, with 12 years’ average

industry experience.

Key Features of Pioneer Investments’ Emerging Markets Bond Short Term strategy

Offer investors an emerging market yield but with shorter duration exposure

A low duration investment with the potential benefit of reduced volatility in a period of changing interest rate

expectations. Research driven process with integrated risk management Duration target between 1 and 3 years

* Source Pioneer Investments as of June 9th 2015 based on the representative account of the strategy. ** Source: Morningstar Asset Flows as at 31st March 2015 ***Source: Pioneer Investments as of May 31st 2015

Ends About Pioneer Investments Pioneer Investments, founded in 1928, is the trading name of the Pioneer Global Asset Management S.p.A. group of companies. Pioneer Investments is a global investment firm with offices in 28 countries, 2,000 employees and €224 billion in assets under management as of March 2015. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. Pioneer Global Asset Management S.p.A. is a wholly-owned subsidiary of UniCredit S.p.A. Issue Date: 11 June 2015

Press Release

For further information, contact: Stefany de Villeneuve, PR Manager UK Tel: +44 (0)20 7190 2040 email: Stefany.devilleneuve@pioneerinvestments.com

Important Information The investment schemes or strategies described in this document (the “Schemes”) are not registered for sale with all the relevant authorities of individual Member States of the EEA. Where unregistered, the Schemes may not be sold or offered except in the circumstances permitted by law and therefore no action may be taken, directly or indirectly, which could be construed as a promotion or solicitation of the Schemes (including the provision of any Scheme documentation or advertising materials to any third party). The content of this document is approved by Pioneer Global Investments Limited. In the UK, 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 Funds are unregulated collective investment schemes under the UK Financial Services and Markets Act 2000 (“FSMA”) and therefore do not carry the protection provided by the UK regulatory system. This document is addressed only to those persons in the UK falling within one or more of the following exemptions from the restrictions in s 238 FSMA: • authorised firms under FSMA and certain other investment professionals falling within article 14 of the FSMA (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, as amended (the “CIS Order”) and their directors, officers and employees acting for such entities in relation to investment; • high value entities falling within article 22 CIS Order and their directors, officers and employees acting for such entities in relation to investment; • other persons who are in accordance with the Rules of the FCA prior to 1 November 2007 classified as Intermediate Customers or Market Counterparties or on or thereafter classified as Professional Clients or Eligible Counterparties. The distribution of this document to any person in the UK not falling within one of the above categories is not permitted by Pioneer Global Investments Limited (London Branch) and may contravene FSMA. No person in the UK falling outside those categories should rely or act on it for any purposes whatever. 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.