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Pioneer Investments: International division registered in May positive rusults but Italy affects final result

Pioneer Investments closed May with negative sales of €435 million (+ 942 million from end 2005). Total Assets under Management stood at €168 billion.

Italy Business Unit saw negative inflows of €611 million during May with mutual funds Italian Market (Assogestioni perimeter) producing negative sales of €5.2 billion during the period, the worst result after September 2001. Market share in Italy stood at 15.12%. Total Assets under Management in Italy at the end of the month stood at €106 billion.

The International Division (ex Italy) saw positive flows of €131 million, mainly due to the Spain result (€220 million). Total Assets under Management stood at €15 billion.

The US closed the month with positive sales of €20 million. Total Assets under Management stood at €40.5 billion; in dollar terms in the same period assets stood at $52 billion.

The New Markets division continued its growth trend, with sales of €25 million in the month. Total Assets under Management in this division is over €6 billion.

The Alternative Investments division (net flows and AuM data are included in the reported numbers for other divisions) reported positive flows in the month of €213 million. Total Assets under Management in Hedge Funds stood at €4,6 billion.

The data reported in this release has been compiled on provisional numbers, and is, therefore susceptible to change
(Data as of 31 May 2006)

Milan, 15 June 2006

For more details:
Camilla Pedraglio
Head of Media Relations
Pioneer Investment Management SGRpA
Ph. + 39 02 7622.3228