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Pioneer Investments announces board change to create a majority of Independent Directors

As a result of the plan to co-opt Professor Axel Boersch-Supan as a director of the asset management holding company, scheduled for July 25, 2007, the number of Independent Directors on the Pioneer Global Asset Management Board will rise to 7 out of a total of 13. This will guarantee a majority of Independent Directors on the Board and, as a consequence, a governance setup for Pioneer Investments independent from its owner, UniCredit. Professor Boersch-Supan will replace Bruno Morelli of UniCredit on Pioneer's Board.

Pioneer Investments has always pursued international corporate governance best practices. It was the first asset management company in Italy to sign in 2001 the "Protocollo di Autonomia" of the Italian Associaton of Asset Managers (Assogestioni), and to add in its corporate constitution a specific article about the function of Independent Directors.

The company has been moving steadfastily towards instituting a majority of Independent Directors on its Board since 2000, first with the appointments of Francesco Taranto, Franco Bruni and David Silver as Independent Directors, followed by appointments of the current President, Marco Onado, in May 2005, and now with the nomination of Professor Axel Boersch-Supan.

Following the Extraordinary Meeting that will consider the motion to increase the number of Independent Directors 6 to 7, the Board of the Pioneer Global Asset Manager holding will be composed as follows:

1 - Marco Onado - Presidente - Independent
2 - Marc Bayot - Independent
2 - Franco Bruni - Independent
4 - David Silver - Independent
5 - Francesco Taranto - Independent
6 - Angelo Marcello Cardani - Independent
7 - Axel Boersch-Supan - Independent
8 - Jack Cogan - Vice President - Pioneer Investments
9 - Dario Frigerio - CEO - Pioneer Investments
10 - Giordano Lombardo - Deputy CEO - Pioneer Investments
11 - Alberto La Rocca - Pioneer Investments
12 - Marco Pirondini - Pioneer Investments
13 - Dan Kingsbury - Pioneer Investments

Pioneer Global Asset Management (PGAM) is the holding company for the collection of businesses and legal entities that together make up Pioneer Investments, the asset management arm of UniCredit Group. Pioneer Investments manages over €260 billion assets worldwide as of June 30, 2007 and has a presence in 22 countries around the globe. Pioneer Investments is a global investment manager dedicated to growing and preserving client assets and building trust, in partnership with financial professionals and institutions worldwide, since 1928.

Milan, 9th July 2007

For more details:
Camilla Pedraglio
Head of Media Relations
Pioneer Investment Management SGRpA
Ph. +390276223228