Company Overview

2 Pioneer Investments │ Company Overview

An investment partner of choice

A strong platform and distinguished heritage

A knowledge-driven investment approach

A time-tested investment process

Expert insights

A comprehensive product off ering

SUMMARY

Pioneer Investments │ Company Overview 3

An investment partner of choice

At Pioneer Investments, we are committed to delivering an excellent level of service and offering competitive, high quality investment products that can stand the test of time. We are focused on managing risk and aim to deliver attractive returns to our investors, who have entrusted us with €185.5/$252.6 billion of their assets. We are present in 28 countries with over 2.070 people. Our passionate and knowledgeable team includes nearly 350 investment professionals.

Thanks to our extensive network of local investment and marketing offices around the world, we are closely connected to the communities in which we operate. Our objective is to offer concrete investment solutions that satisfy real investment needs. To ensure an innovative and consistent product strategy at global level, we have three specialised Global Investment Hubs in Dublin, London and Boston.

Our investment approach, tried and tested for over 85 years, has allowed usto face with confidence the downturns and different phases of the economic cycles that have affected the investment world. This understanding of the markets, supported by in-depth research, analysis, portfolio and risk management enables us to provide solutions designed to grow and preserve the assets we manage.

→ Argentina→ Australia→ Austria→ Bermuda→ Bulgaria→ China→ Chile

→ Czech Republic→ Denmark → France→ Germany→ Holland→ Hungary→ Japan

→ India→ Italy→ Ireland→ Luxembourg→ Mexico→ Poland→ Romania

→ Singapore→ Slovakia→ Spain→ Switzerland→ Taiwan→ United Kingdom→ United States

Boston

LondonDublin

4 Pioneer Investments │ Company Overview

SANDRO PIERRI CEO Pioneer Investments

“Expert market insights combined with an in-depth knowledge of investor needs enable us to identify competitive investment opportunities for each client.”

5

a broad client base of institutional, wholesale and retail investors globally. Our parent company is UniCredit, a leading European commercial banking group that operates in European countries.

Our company helped establish the modern U.S. mutual fund industry and was an early leader in developing the fund industry in Europe. Our history began in

funds, now the third oldest mutual fund in the United States. Over the years,

industry and evolved with it. Today, we are among the top three players in three European countries in terms of Assets Under Management*.

*Italy, Austria and Poland, as at 30 June 2014.

A strong platform and distinguished heritage

AUM by Geographical Division

69% Western Europe & LatAm 19% US 9% Austria & CEE 3% Asia & Middle East

AUM by Asset Class

60% Fixed Income 20% Equity 18% Balanced & Flexible 2% Money Market 0% Other

6 Pioneer Investments │ Company Overview

GIORDANO LOMBARDO Group CIO

“Translating our market insights intoactive investment strategies andcombining these strategies in a risk-controlled portfolio is the key to delivering long-term results for our clients.”

Pioneer Investments │ Company Overview 7

Our investment approach is based on the knowledge and passion of our investment professionals who are committed to finding valuable assets in the marketplace and turning them into compelling investment solutions.

Over the years, we have developed our investment process to ensure we can respond effectively to the opportunities and challenges of the different phases of the economic cycle while remaining faithful to our investment philosophy.

This philosophy is based on the search for value, active risk taking and risk management which are the pillars of our investment process.

A Knowledge-Driven Investment Approach

Research Our team of career analysts focuses on understanding intrinsic asset value. Specialised by sector and asset class, these people are also experienced investors, dedicated to finding compelling investment ideas. We believe that high quality research is crucial to extracting value for our clients over the long term.

Risk ManagementRisk management is core to the investment process. Delivering products that meet a range of risk appetites has led us to enhance our risk management process with robust portfolio construction and a proprietary risk budgeting tool. Monitoring the risk linked to each strategy is key to deciding which risks are worth taking in the best interests of our clients.

Portfolio ManagersThey are decision-makers, their knowledge of the markets combinedwith our research drives them to have strong views on where best to invest and for how long. We believe that this active management approach allows us to deliver strong long-term results for our investors.

Assessing Risk

→ Portfolio Construction→ Risk Budgeting

→ Active Approach→ High Conviction

→ 84 career analysts→ Specialised by asset classes

Active Risk Taking

Searching For Value

8 Pioneer Investments │ Company Overview

A time-tested investment process

Our investment approach drives our investment process across all asset classes, worldwide.

Equity │ Discovering the Champions

Our Equity investment process is based on the research carried out by our career Analysts. Specialised by asset class and by sector, our analysts have developed a profound understanding of their sector and built up long-term relationships with the companies they cover. They work with our experienced Portfolio Managers to uncover value and identify the best investment opportunities for clients. Our Portfolio Managers, who also conduct their own in-depth research into investment ideas and usually meet the management of each company prior to investing, decide which stocks to buy and sell within their portfolio. The whole process is carried out within a strong Risk Management framework which aims to ensure these actively managed portfolios provide long-term results that meet investor expectations.

Fixed Income │ Combining Multiple Insights

To select the most valuable strategies for our clients, our Fixed Income investment process is based on leveraging our expert Credit Analysts’ research in order to make judicious decisions regarding risk. These career Analysts provide top-down and bottom-up input to the Portfolio Managers who select the active strategies to which to allocate risk. In this selection phase, our Portfolio Managers can also draw on an external network of economists and Central Bank experts to build unique market insights which can generate long-term value for our clients throughout the different phases of the economic cycle. A dedicated Portfolio Construction team assists the Portfolio Managers in analysing the risk associated with each investment strategy in order to decide what risks to increase or reduce, in line with each investment mandate.

Pioneer Investments │ Company Overview 9

Multi-Asset │ Exploiting the Power of Diversifi cation Th e Multi-Asset investment process is designed to build tailored solutions for retail, wholesale and institutional clients. It aims to allocate risk dynamically across diff erent asset classes onthe basis of asset allocation, fund selection and credit & equity research.Multi-Asset investing aims to achieve competitive risk-adjusted returnsby leveraging on uncorrelated investment opportunities, allocating dynamically across diff erent asset classes and markets, using a full range of liquid instruments, making use of hedging strategies and our robust risk budgeting framework.

Risk Management │ Combining Discipline with Talent

Managing risk is an essential part of our investment activity.Our dedicated Portfolio Construction team partners with our Portfolio Managers to set and allocate risk. With the help of our proprietary risk budgeting tool, our Portfolio Construction team carries out an analysis of the investment strategies selected by our Portfolio Managers to determine any ‘unwanted risk’. Th is approach enables us to optimiserisk-adjusted returns in the best interests of our clients.

OUR INVESTMENT MACHINE

347 Investment professionals

177 Portfolio managers

84 Research analysts

Diversifi cation does not guarantee a profi t or protect against a loss.

10 Pioneer Investments │ Company Overview

PHILIP L. CARRET Founder of Pioneer Investments

“� ere is no substitute for buying qualityassets and allowing them to compoundover the long term. Patience can produceuncommon pro� ts.”

Pioneer Investments │ Company Overview 11

Investor Needs

→ Analysis of investor behaviour→ Client survey→ Expert local insights→ Client proximity thanks to extensive distribution network worldwide

→ Research on savings & wealth trends→ Proprietary research→ Experienced investment

professionals→ Collaboration with experts

Products& Services

ExpertInsights

Our products and services are developed consistently with our in-depth knowledge of the markets and our clear understanding of investor needs. Giving investors an enlightened view of the markets in changing times and offering them appropriate investment solutions is our goal.

A research-based investment process has always been a core feature of our investment approach. We have a long-standing tradition of research and strategic thinking which we are committed to preserving and developing. Over the years, we have fostered relationships with experts and top academics, nurturing new ideas with their help and that of other open-minded investment professionals. We have successfully sponsored third party contributions, thought leadership conferences and publications featuring economists working at the cutting edge of finance.

While we keep our finger on the pulse of the markets, client satisfaction remains key to all our activities. Every year, we involve a number of our clients in surveys, focus groups and meetings; we analyse the latest market data to get an overall perspective of trends in savings and wealth. The insights we draw from these activities combined with our expert local knowledge enable us to meet changing investor needs more effectively.

Market Insights

Mar

ket In

sights

Investor Needs

12 Pioneer Investments │ Company Overview

Pioneer Investments │ Company Overview 13

A Comprehensive Product Offering

We offer a diverse range of investment solutions across both tradi tional and non-traditional asset classes, to address the different needs of wholesale, retail and institutional clients. These include mutual funds, separately managed accounts, institutional strategies and retirement plans.

Services and products may not be available in all jurisdictions. No offer of any interest in any product will be made in any jurisdiction in which the offer, solicitation or sale is not authorised, or to any person to whom it is unlawful to make such an offer, solicitation or sale.

Our Investment Capabilities Our Investment Solutions

→ Government Bond→ Investment Grade→ High Yield→ Multi-Sector→ Money Market→ Tax-Exempt

Fixed Income

→ Commodities & Gold→ Dynamic Real AssetsReal Assets

→ Multi-Asset Funds→ Fund of Funds→ Protected→ Asymmetric Pay-off→ AL M & LDI

Multi-Asset

→ Diversified/Multi-Strategy→ Specialised/NicheFunds of Hedge Funds

InsuranceWrappers

Segregated and Managed Accounts

InstitutionalStrategies

Pension Funds &Long-Term Retirement Funds

DedicatedMandates

Advisory Service& Fiduciary Solutions

MutualFunds

Equity

→ European→ U.S. → Emerging Markets→ Global & Thematic→ Asia→ Unconstrained

Absolute Return

→ Multi-Strategy→ Bond→ Currencies→ European Equity→ Commodity→ Fund of Funds→ Liquid Alternatives→ Long/short

14 Pioneer Investments │ Company Overview

Pioneer Investments │ Company Overview 15

An investment partner of choiceWe are focused on managing risk and delivering attractive returns for our investors. We use rigorous research and a disciplined investment process to create high quality investment products. Our Global Investment Hubs in Dublin, Boston and London ensure the consistency and quality of our investment process worldwide.

A strong platform and distinguished heritageWe have over 85 years’ experience in traditional investments and our flagship mutual fund, Pioneer Fund, is the third oldest mutual fund in the US. With a presence in 28 countries, we can boast the strong parentage of the UniCredit Group and a diversified client base of institutional, wholesale and retail investors globally.

A knowledge-driven investment approachOur experienced investment professionals have navigated all marketcycles, both good and bad, developing an in-depth understandingof global financial trends. Passionate about finding valuable assets in the marketplace, they apply their knowledge in order to turn these assets into compelling investment solutions.

A time-tested investment processKnowledge is core to everything we do. Expert market insights combined with an in-depth knowledge of investor needs enable us to provide our clients with appropriate solutions with the aim of achieving financial success.

Expert insightsOur expert career Analysts team up with our experienced Portfolio Managers to identify our best investment opportunities for clients within a rigorous risk management framework, ensuring our clients’ risk appetite is satisfied.

A comprehensive product offeringDelivering appropriate investment solutions that could stand the test of time is the main driver of our product development strategy. Our offer includes customised solutions to meet the specific requirements of our retail, institutional and wholesale clients around the world.

PioneerInvestments

Unless otherwise stated all information and views expressed are those of Pioneer Investments as at 30 June 2014.

The investment schemes or strategies described herein may not be registered for sale with the relevant authority in your jurisdiction.

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. Past performance is not indicative of and does not guarantee 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.

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.

Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies.

Date of First Use: 15 September 2014

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