Pioneer Investments:Net Flows in March close to, 3 billion

Pioneer Investments ranked 2nd in Italian Mutual Fund Market
Important Institutional mandate (€2.4 billion) won

Positive Net flows of €2.97 billion were achieved by Pioneer Investments in March due mainly to Italy's contribution (€2.4 billion). 
In the first three months of the year total inflows equalled €3.4 billion, an increase of 127% compared with the same quarter of last year.
Total Assets under Management reached €135.5 billion, a new high, (+4.6% since the beginning of the year and +2.3% over the previous month) resulting from a positive net sales effect (+2.6%) and market effect (+2%).

Italy closed the month with inflows of €2.4 billion, due to an important Third Party agreement and good sales from the UCI Group.
Positive inflows were seen in the mutual funds segment (Assogestioni Perimeter achieved the top rank with +€493 million); market share increased to 14.67% (+10 basis point over the previous month) and Pioneer Investments was ranked 2nd in the domestic market.
Total Assets under Management in Italy at the end of the month stood at €96.4 billion (+3.9% since the beginning of the year).

Total inflows in the International division (ex Italy) exceeded €220 million (+€602 million since the beginning of the year), due to good sales in Spain (+€122 million) and in Germany (+€79 million).
Total Assets under Management increased by 3.2% compared with the previous month (11.9% in the first three months of the year) and currently stand at €8.8 billion.

Total inflows for the American Division were €186 million, mainly due to the contribution of the Pioneer Floating Rate Trust and to an Institutional mandate. Since the beginning of the year the division has seen outflows of €25 million.
Total Assets under Management stood at €25.9 billion, an increase of 3.7% since the beginning of the year (+1.1% compared with the previous month). In dollar terms Assets under Management stood at $33.6 billion (-1.2% over the previous month).

The good trend in net flows in the New Europe Division has continued, with inflows of €141 million (+€383 million since the beginning of the year), an increase of €211 million compared with the same period last year (+124%).
Total Assets under Management increased by 12.3% since the beginning of the year and currently stand at €4.4 billion.

Pioneer Alternative Investments recorded outflows of €19 million (net flows and AuM data are included in the reported numbers for other divisions); in the first three months of the year inflows remain positive at €159 million.
Total Assets under Management in Hedge Funds stood at €4.1 billion, an increase of 8.3% since the beginning of the year and 0.7% compared with the previous month.

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