Pioneer Investments

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

2. Pioneer Investments Our Mission…. To create sustainable value for our clients through growing and preserving their assets

3. Agenda • Corporate Overview • CEE story so far • Opportunities and challenges • Strategy for Slovenia

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 20071 • 35 million customers, over 7,000 branches and 135,857 employees2 (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) • Source: Pioneer Investments • These figures include all employees of Koç Group which is consolidated proportionally.

5. Global Presence – Local Insight • 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 • Source: Pioneer Investments as at 30 June 2007

6. “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” Fitch Ratings rates Pioneer Investments as“strong" • 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. 15 TOP STARFUNDS Pioneer Global and Integrated Distribution Channels Assets AuM eur bn • Retail & Private Proprietary • Third Party/Wholesale • Institutionals Italy 110.3 Germany 49.5 Investment solutions Pioneer Investments model International 16.0 Reputation USA 51.2 • Open/Closed Mutual funds • Hedge funds • Segregated accounts • Values • Brand • Culture CEE 10.6 Austria(1) 18.5 • Guaranteed & VAR products • Asset allocation • Pension products 256.1 Total Data as per 30 June 2007 (1) Pioneer Investments Austria is currently a subsidiary of Bank Austria Creditanstalt

8. Agenda • Corporate Overview • CEE story so far • Opportunities and challenges • Strategy for Slovenia

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

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

11. Agenda • Corporate Overview • CEE story so far • Opportunities and challenges • Strategy for Slovenia

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

13. with Funds amongst the Most Demanded Products Estimated cumulative growth of bank deposits vs. funds 2006-2009 60.5 % Bank deposits 54.1 Mutual funds 40.8 CEE + Russia: CAGR% deposits + currencies 15% securities + shares 11% mutual funds22% Insurance 18% pension funds 21% 27.9 20.8 20.3 18.6 16 15.5 15.3 15.0 14 13.3 10.2 7.9 7.1 6.4 6.5 5.7 3.0 Bulgaria Croatia Czech Rep. Hungary Poland Romania Slovakia Slovenia Russia Turkey Source: New Europe Households‘ Wealth and Debt Monitor, UniCredit May 2007

14. Agenda • Corporate Overview • CEE story so far • Opportunities and challenges • Strategy for Slovenia

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. Luxemburg Domiciled FundsEquity Funds European US Global Emerging & Far East European Small Companies U.S. Mid Cap Value Top Global Players Emerging Markets Equity Greater China Equity Top European Players U.S. Research Japanese Equity U.S. Pioneer Fund Pacific (Ex. Japan) Equity Eastern European Equity The correct legal name of the Sub-funds should be pre-fixed by “Pioneer Funds”.

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

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.