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Pioneer Inv. 2004 results: assets at 129.6 billion EUR and net sales at 3.6 billion EUR

Positive net flows in December in all divisions (€ 1.1 billion)
Market share in Italy increases

Pioneer Investments closed 2004 with total inflows of €3,557 million, largely due to the contribution from divisions outside Italy. 
Total Assets under Management stand at €129.6 billion, an increase of 6% since the beginning of the year (2.9% sales effect, 3.1% market effect) a 1.2% rise over the previous month.

Italy closed the month with inflows of €360 million; since the beginning of the year domestic flows were substantially unchanged, while in the single month of December positive flows of €456 million were recorded (Assogestioni Perimeter, equal to 32% of Italian mutual fund sales for the month).
Pioneer Investments has grown its market share in Italy to 13.76% (+37 basis points since the beginning of the year).
Positive sales trends in 2004 were seen in the "Third Party" segment (+€494 million), in the Institutional segment (+€165 million) and in Hedge Funds (+€537 million).
Total Assets under Management in Italy at the end of 2004 stood at €92.8 billion, an increase of 4.1% since the beginning of the year.

The International Division (ex Italy) recorded inflows of €125 million with total net flows exceeding €2 billion since the beginning of the year.
Positive sales trends during 2004 were seen in the Germanic speaking markets (+€587 million) and in the other European countries, particularly Spain and France (€444 and €170 million), in Latin America (+€104 million) and in Asia (+€475 million). 
Total Assets under Management increased over by 36% since the beginning of the year and currently stand at €8.1 billion.

Total inflows in the month for the American Division were €369 million, due to the contribution of the new closed fund Pioneer Floating Rate Trust launched in December for the retail market. Since the beginning of the year inflows of €811 million were achieved.
In December, approximately $3.6 billion were added to the Assets under Management in this division from the mutual funds of Safeco Asset Management, acquired in August 2004.
Total Assets under Management stood at €25 billion at the end of December, an increase of 1.3% compared with the beginning of the year, not impacted by the Safeco acquisition but negatively impacted by the strong appreciation of the euro. In dollar terms Assets under Management increased by 9.3% in the same period, and reached $34 billion.

In the New Europe Division sales continued the strong acceleration seen in the previous few months; inflows of €237 million were achieved in December, €721 million since the beginning of the year, due to the continuing success of bond fund products in Poland. 
Positive contributions were also seen from the Czech Republic, Croatia and Bulgaria.
In Poland, Pioneer Pekao confirmed its leadership amongst Asset Management groups with a market share of 34.5% (+410 basis points since the beginning of the year).
Assets under Management increased by 10.3% over the previous month (+43.5% since the beginning of the year) and currently stand at €3.7 billion.

Pioneer Alternative Investments recorded outflows of €21 million during the month. Since the beginning of the year inflows have exceeded €1,400 million.
Total Assets under Management in this division are €3.8 billion, an increase of 54.6% since the beginning of the year (net flows and AuM data are included in the reported numbers for other divisions).

Milan, 11 January 2005

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