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Pioneer Investments: net flows in excess of ,1 billion in July. Market share in Italy over 15%

Positive net flows of €1.1 billion were achieved by Pioneer Investments in July and over €5.8 billion since the beginning of the year.
Total Assets under Management now exceed €145 billion, an increase of 2.2% compared with the previous month (+12.5% since the beginning of the year) due to the positive net sales effect (+0.8%) and market effect (+1.4%).

Italy was particularly positive with inflows of more than €720 million (+€4.3 billion since the beginning of the year).
The Mutual Funds (Assogestioni Perimeter) achieved sales of €1.2 billion, compared with €2.7 billion in the industry as a whole; market share increased and reached 15.09% (+20 basis points on the previous month).
Total Assets under Management in Italy at the end of July stood at €102.2 billion, an increase of 10.1% since the beginning of the year (+1.8% on the previous month).

The International division (ex Italy) continued its positive trend with total inflows of €335 million (+€1.1 billion since the beginning of the year) resulting, in particular, from good sales in Spain.
Total Assets under Management increased by 26.9% since the beginning of the year (+4.8% compared with the previous month) and currently stand at €10 billion.

The American division recorded outflows of €110 million in the month of July, €396 million since the beginning of the year.
Total Assets under Management in this division stood at €28.6 billion, an increase of 14.1% since the beginning of the year (+2.6% over the previous month); in dollar terms in the same period assets stood at $34.5 billion.

Inflows of €119 million were achieved by the New Markets division , with total inflows of €807 million since the beginning of the year; sales in this division for 2005 to date now exceed those obtained during 2004.
Total Assets under Management in this division increased by 28.9% since the beginning of the year (+3.1% over the previous month) and exceed €5 billion.

Pioneer Alternative Investments, of which net flows and AuM data are included in the reported numbers for other divisions, recorded outflows of €32 million; since the beginning of the year the flows are positive at €288 million.
Total Assets under Management in Hedge Funds stood at €4.3 billion (+12.6% since the beginning of the year).

Milan, 5 August 2005

The data reported in this release has been compiled on provisional numbers, and is, therefore susceptible to change