UNICREDITO ITALIANO Wholesale Banking Division Pietro Modiano

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UNICREDITO ITALIANO Wholesale Banking Division Pietro Modiano - Deputy CEO, Head of Wholesale Banking Division Dario Frigerio - CEO, Pioneer Global AM European Road Show 2 nd-4 th April 2002

Agenda UCI’s Wholesale Banking Division - P. Modiano Investment Banking: UBM Overview & Business Model The Risk/Return Profile The Business Lines Outlook 2002 -2004 Pioneer Global Asset Management Overview & 2002 -2004 strategy Operating Divisions Conclusion 2

WHOLESALE BANKING IN UCI’S ORGANISATIONAL CHART Italian Banking New Europe Banking Wholesale Banking 3

A POWERFUL CONTRIBUTION TO THE GROUP’S DIVERSIFICATION REVENUE DIVERSIFICATION GEOGRAPHIC DIVERSIFICATION 30% of Pioneer’s revenues generated out of Italy 2001 REVENUE CONTRIBUTION* 5. 8% 2. 0% 4. 7% 87. 5% UBM + TL Indirect UBM + TL *Net of Corporate Centre negative contribution Pioneer Italian & New Europe Banking 4

Agenda UCI’s Wholesale Banking Division Investment Banking: UBM Overview & Business Model The Risk/Return Profile The Business Lines Outlook 2002 -2004 Pioneer Global Asset Management Overview & 2002 -2004 strategy Operating Divisions Conclusion 5

THE CONTEXT UNSATISFIED DEMAND IN ITALY OF INVESTMENT BANKING PRODUCTS & SERVICES AS A CONSEQUENCE OF: n Global players targeting only large corporate customers & big deals n Local players unprepared and in a phase of transition UBM FILLS THE GAP. . . 6

THE CONTEXT …leveraging on: An attractive project Start-up Stable management Uni. Credito brand & customer base Good strategy Successful recruitment Good priority selection First corporate and retail derivatives. . . then corporate finance Immediate self-financing SNOWBALL EFFECT 7

THE CHALLENGE BEING RECOGNISED AS: n The best Italian engineering and manufacturing center of high value added financial products (primary capital markets, derivatives, corporate finance) n The most dynamic and high quality merchant bank for Italian large & mid-corporate customers n The best market provider for the Group’s network 8

OUR ANSWER: UBM BUSINESS MODEL n Domestic focus n Global quality in terms of: ü product innovation ü time to market ü risk management (SPIN, Corporate derivatives, Kilovar®) n Flexible and dynamic approach to business, organised by segments: ü large corporate ü mid corporate ü institutional ü retail 9

UBM IDENTITY CARD 3 BUSINESS LINES 1 SUBSIDIARY (100%) INVESTMENT BANKING SALES & TRADING UCI’s investment bank turning out: n Complex financial instruments marketed to corporate and institutional customers n Branded derivatives and services (such as TLX ) for the retail market through Trading. Lab n n n n CONCEIVED IN 1997 BORN AS CREDITO ITALIANO DIVISION 1998 BORN AS A BANK 2000 UBM 2001 TLab FY 01 N. OF EMPLOYEES 566 FY 01 REVENUES 601. 3 (mln Euro) FY 01 ROE 55% FY 01 C/I Ratio 35% 10

KEY HIGHLIGHTS Cost Income ratio (Euro mln) 48% Total Revenues 601. 3 37% 31% +35% 444. 0 Operating Income 322. 7 +40. 5% 132. 1 1998 1999 2000* 2001 * 391. 2 278. 5 231. 4 1998 1999 2000 2001 First year of full operation ROE 67% 68. 3 Operating Costs** 1998 1999 2000 2001 55% +27% 63. 8 101. 3 165. 5 210. 1 1998 1999 2000 2001 ** Estimates for 1998 & 1999 2000 2001*** Euro 156 mln Capital increase in 2001 11

HIGH GROWING REVENUES, COSTS UNDER CONTROL By business line By nature (Euro mln) Net Interest margin Trading profits Net Commissions Total revenues 2000 2001 % ch. 35. 0 0. 4 n. s. 357. 0 525. 8 +47 52. 0 75. 1 +44 444. 0 601. 3 +35 Corporate. Lab (Corporate Derivatives) 93. 7 220. 5 +135 Investment & Corporate Banking 38. 5 51. 4 114. 9 130. 7 +14 Trading. Lab (Retail Derivatives) 196. 9 198. 7 +1 -62. 3 -92. 1 +48 -103. 2 -118. 0 +14 278. 5 391. 2 +40 -16. 7 -20. 3 +22 -106. 0 -154. 3 +46 155. 8 216. 6 ü ü Corporate. Lab Trading. Lab Institutional deriv. Securities business +34 Sales & Trading (incl. Institut. Deriv. ) n High growing, recurring, noncyclical and stressproof Trading Profits generated by: +39 Staff costs Other costs Operating income Net provisions & other costs Tax expenses Net income n C/I Ratio at excellent level (35%), despite significant investments and increased headcount (566, +181 vs. 2000) n Tot. Staff Costs: +48%. Cost per employee: +1% 12

LEADING INVESTMENT BANK IN ITALY BY REVENUES AND NET INCOME 2001 REVENUES (Euro mln) 601. 3 UBM 403 513. 3 (*) 2001 NET INCOME (Euro mln) 216. 6 305 198 (**) 151. 2 TL 198 UBM+TLAB (*) 116 Mediobanca Interbanca Banca IMI 31 UBM+TLAB (*) Year end figures as at June, 30 th 2001 (**) Excluding IMIWeb Bank Mediobanca Interbanca (**) Banca IMI 13

UBM AND TRADINGLAB: A TRACK RECORD OF SOLIDITY AND STRONG GROWTH 3. 86 Euro mln 1. Solid Economic Model 1. Not only the 35% growth of Average daily Trading Net Revenues achieved in 2001 is confirmed in the first months of 2002. . . 2. …but also the Risk Adjusted P&L shows a similar growing pattern rising from Euro 1. 1 mln in 2000 to Euro 1. 3 mln in 2001 and to Euro 1. 8 mln in 2002 3. The shift to the right of the distribution curves of the daily P&Ls measures the growth of UBM 4. The asymmetry toward the right of the distribution of P&Ls shows the prevalence of positive results Average daily Trading Net Revenues and Risk Adj P&L(1) Risk Adjusted P&L = Average Daily P&L/Standard Deviation of Daily P&L +89% +35% 1. 51 1. 1 2000 2. 04 1. 8 1. 3 2001 Jan-Feb 2002 15

LOW CORRELATION WITH MARKET TRENDS AND. . . … ABSENCE OF OVERSHOOTING IN SITUATIONS OF EXTREME VOLATILITY n Limited impact of bad market conditions: non-correlation between revenue sources (corporate derivatives vs. retail derivatives) n Extreme market movements do not affect P&L Extreme movements Logarithmic interpolated curves Mib 30 Index Corporate Derivatives revenues Retail Derivatives revenues 16

RESILIENCE TO MARKET STRESS PROVED BY STABILITY OF POSITIVE DAILY P&Ls FROM TRADING ACTIVITIES Avg Daily P&L / Avg Daily Va. R UBM+TL Daily VAR(1) and P&L (Jan. 2001 - Feb. 2002) Euro mln 23% 17% 1999 21% 2000 2001 UBM+TL Daily VAR and P&L n 2001 Average daily VAR(1) 4. 3% down vs 2000 (Euro 4. 4 mln vs Euro 4. 6 mln) n 11 Trading days with negative P&L before September 11 th; 16 after September 11 th; no negative daily P&Ls in 2002 up to end of February n More and more efficient use of Va. R Channel: Avg Daily P&L / Avg Daily Va. R Ratio from 17% in 1999 to 23% in 2001 P&L without end of year devaluations Daily P&L Va. R n No negative outliner (1)Figure relates to UBM and TL combined; calculation made with a 98 -99% asymmetric double tail confidence interval. P&L net of accounting adjustments as of 31. 12. 2001 17

EXCELLENT QUALITY IN PROCESS CONTROL. . . n Focus on the role of either internal or external players of the process … AS WELL AS IN RISK CONTROLS (1) n ü n n n Distinctive skills Focus on key control activities supported by detailed technical documentation Proprietary product development ü Focus on correlation between business process, support process, control and administrative process n Low volatility of trading profits High-profile team In house development of sophisticated riskmanagement instruments and value-added products Risk Management tools ü ü ü Proprietary pricing models Proprietary Va. R engine On line real-time calculation Low cyclical variance Sustainability (1) See Annex for a flowchart example 18

UBM BUSINESS LINES: CORPORATELAB Euro 220. 5 Mln Revenues in 2001 Providing a complete range of risk management solutions. . . Foreign Exchange Risk Management (Spot, Forward…) Commodity Risk Management (Energy Swap, Flexi Energy Swap…) Interest Rate Risk Management (Irs, Fra, Cap, Floor. . . ) Equity Risk Management (Equity Derivatives) . . . best tailored to our customers’ needs, thanks to 38 high-skilled professionals organised in dedicated teams Dealing Room (9) Principle Finance/Liability Management (14) Corporate & Network Desk (5) Large Corporate & Institutional Desk (10) 20

CORPORATELAB: THE REVENUE STREAM 350 -400 NET REVENUES (Euro mln) (*) 220. 5 84% R+ G CA 93. 7 50. 4 35. 2 1998 1999 (*) 2000 2001 2004 Management accounts for 1998 and 1999 n Innovation, pricing, sale and management of risk related to derivatives products for corporate customers n Italian leader in liability management for middle-market companies and public sector entities n More than 4, 000 repeat customers served through UCI network n More than 250 key customers directly managed 21

CORPORATELAB: UPSIDE POTENTIAL 92, 000 Corporate Customers n UCI has relationships with more than 80, 000 corporate customers in the Italian market, representing more than 50% of the whole system financing requirements. Customers will rise up to 92, 000 in 2004 thanks to the new Corporate Bank (S 3 Project) 80, 000 1. The new Corporate Bank will determine an increased focus on relationships with selected growth of customers’ portfolio and a rise in specialization and sales force training 2. New product development (e. g. QES) 3. Development of the same distribution model in New Europe ~40, 000 S>5 Euro mln ~35, 000 S>5 Euro mln n The upside potential for Corporate. Lab is represented by more than 35, 000 companies with revenues higher than Euro 5 mln n 2004 target is to reach 10% of total UCI’s corporate customers, moving from 4, 000 to more than 9, 200 +15% 9, 200 4, 000 ~45, 000 S<5 Euro mln ~2, 600 S>5 Euro mln ~1, 400 S<5 Euro mln CLab ~6, 400 S>5 Euro mln ~52, 000 S<5 Euro mln +130% ~2, 800 S<5 Euro mln UCI 2001 CLab UCI 2004 22

CORPORATELAB: BUSINESS DIVERSIFICATION NEW PRODUCTS. . . & NEW MARKETS n Quality Energy Solutions: the first Italian reality in Energy Risk Management Electric Power Oil Natural Gas Risk Management n Leader in Asset & Liability Management for domestic Public Sector Entities and Institutions n 110 mandates n 131 deals n More than Euro 2 bn notional Hedging Consulting 23

INVESTMENT & CORPORATE BANKING: THE MODEL INTEGRATION OF LENDING ACTIVITY AND CORPORATE FINANCE: A UNIQUE MODEL IN ITALY (A small JP Morgan-Chase) n Corporate Banking Corporate Lending Relationship Management n Investment Banking Corporate Finance Equity Capital Market Structured Finance Merger & Acquisitions n Euro 51. 4 mln Revenues in 2001 n 57 Professionals, of which 30 hired in 2001 n Fixed Income Origination & Syndication 24

INVESTMENT & CORPORATE BANKING: FOCUS ON LARGE CORPORATE n 2 H 01: UBM assumed the governance of the relationships with UCI’s Large Corporate customers (Revenues exceeding Euro 250 mln) ü Direct Structured Finance activity ü Transactional services and loans through UCI’s network ü Euro 19. 4 mln revenues, mainly from Syndication Financing (leading role in the most significant deals in Italy) ü UCI’s network profitability up to 28%, with stable amount of outstanding loans n Strategic goals: leveraging on UBM’s capabilities and customer understanding to reduce plain vanilla loans of the whole UCI Group and to increase Corporate finance, Leverage finance and M&A Activities 25

RANKING FIRST IN FIXED INCOME AMONG ITALIAN PEERS, TOP POSITION IN THE EQUITY SEGMENT FIXED INCOME n First position in both Eurobond all currency bookrunner rankings n Top ranking specialist in the Italian Government Bond market and specialist in French Treasury Bonds n 4. 5% mkt share in MTS and 3. 6% mkt share in Euro-MTS EUR 215, 772, 000 PLZ 100, 000 EUR 1, 500, 000 5. 3% Notes Floating Rate Notes 11% Notes Floating Rate Notes Callable due 2002 due 2005 due 2021 Joint Bookrunner EUR 300, 000 Joint Bookrunner EUR 500, 000 EUR 1, 000, 000 6, 80% Notes Subordinated LT II Floating Rate Notes NC 5 6% Notes BANCA POPOLARE DI BERGAMO CREDITO VARESINO 8. 364% Notes C Subordinated Tier I Perpetual due 2008 Joint Bookrunner due 2011 Joint Bookrunner Giacomelli EQUITY n Fourth-ranking among Italian intermediaries in domestic equity capital market n Leadership in STAR segment (small-to mid-cap companies on MTA) De Longhi € 37 mln IPO 2001 Joint Global Coordinator & Sponsor € 128 mln IPO 2001 Joint Global Coordinator & Sponsor BPCI € 365 mln Secondary Offering 2001 Lead Manager 26

UBM BUSINESS LINES: SALES & TRADING Euro 130. 7 mln Revenues in 2001 Generated minimising proprietary trading by 147 professionals organised in a traditional market-oriented structure Forex & Treasury Prime Brokerage Old style options Research Foreign Markets Equity Sales/Trading Derivatives & Structured products Institutional sales Stock lending Spread products Research Government Bonds Fixed Income Debt Syndication Repo Desk Emerging Markets Derivatives & Structured products 27

UBM BUSINESS LINES: TRADINGLAB - THE SUBSIDIARY FOR RETAIL DERIVATIVES 131 professionals engineering, producing and distributing innovative financial products and services dedicated to Retail Customers Other Instruments Equity-Linked Bonds Reverse Convertibles Benchmarks Covered Warrants Euro 198. 7 mln Revenues in 2001 TLX KILOVAR® TRADINGLAB. COM CUSTOMER SERVICE & TRADINGLAB & MY MONEY 28

TRADINGLAB: THE BUSINESS TREND STABLE MARKET SHARE DESPITE STRONGER COMPETITION. . . … DEVELOPMENT OF A NEW DISTRIBUTION MODEL: TRADINGLAB NETWORK n Italian leader in Covered Warrants, with 50% mkt share and 1, 924 listed instruments as at the end of 2001 n From a domestic to an European player (focus on countries with similar market features: Germany, France, UK, Benelux, Spain) n 880 Covered Warrants listed on Stuggart Exchange n Low cost of expansion: centralised and automatic operations (Milan); mainly advertising costs n More than Euro 4. 5 bn Derivativelinked bond issues n 1, 558 financial instruments listed on TLX® with a daily trading volume up to Euro 22 mln and 1, 900 transactions n Opening of TLX® shareholders’ capital to a network of partner banks n 47% of 2004 total revenues from non-captive distribution channels n Selling structured products & equity linked notes in the USA through Trading. Lab USA Inc. (15% of 2004 total revenues) 29

OUTLOOK 2002 -2004 (Euro mln) +28% 01 -02 y/y % ch. 02 -04 CAGR +28% 805 +20% +26% +19% 378 231 495 412 194 2001 2002 2004 EBITDA EVA +23% 1173 601 738 66% 59% 64% 2001 2002 2004 Total revenues 35% 36% 35% 2001 -2004 % ch. by business lines • CORPORATELAB +82% • INVEST. & CORP. BK. +164% • SALES & TRADING +76% • TRADINGLAB +68% 2001 2002 2004 C/I Ratio 2001 2002 2004 RARORAC 31

Agenda UCI’s Wholesale Banking Division Investment Banking: UBM Overview & Business Model The Risk/Return Profile The Business Lines Outlook 2002 -2004 Pioneer Global Asset Management - D. Frigerio Overview & 2002 -2004 strategy Operating Divisions Conclusion 32

THE NEW PIONEER: A RARE STORY OF SUCCESSFULL INTEGRATION IN ASSET MANAGEMENT New Organisational Structure New Management Team Positive Net Sales everywhere Investment Process Aligned 33

NEW ORGANISATIONAL STRUCTURE. . . Holding Company Global Finance Pioneer Global Asset Management Strategic Planning Audit Compliance Risk Management 34 Investments Distribution 17 New Europe Italy US Intl. 56 66 181 97 Milan Boston 53 Dublin Operations 137 Singapore 9 New Europe Italy US Intl. 68 223 470 266 Total number of employees: 1, 677 (as at 28 February 2002) 34

. . . AND NEW TOP QUALITY MANAGEMENT WITH PREVIOUS SUCCESS STORIES PIONEER GLOBAL ASSET MANAGEMENT Robert De. Normandie CFO From PWC From PIONEER USA Daniel T. Geraci President and CEO Fidelity Investments Head of Sales Fidelity Investments Richard Sardelli Head of Marketing Fidelity Investments Osbert M. Hood COO John Hancock Steven Graziano Head of Business Development Pioneer William F. O’Grady PIONEER INTERNATIONAL Matteo Perruccio Avril Ellis Dominik Kremer Steve Philips Edmund Lacis From Head of International Sales and Distribution American Express Head of Marketing Norwich Union and Henderson General manager Germany, Austria, Switzerland Head of Americas Sales and Distribution Head of Sales and Distribution Asia Fidelity Investments EDF Man Invest. Janus 35

A FULLY INTEGRATED, RESEARCH BASED, GLOBAL INVESTMENT PROCESS. . . Style Neutral QUANTITATIVE RESEARCH § Stock Screening § Asset Allocation Model - Sector Allocation § Bond Valuations Style Focussed BUY DISCIPLINES § Define Investment case § What is discounted? § Stock, sector, country weight Active Portfolio Management FUNDAMENTAL RESEARCH § Strategy, ability to implement § Competitive positioning § Mgmt assessment § Financial strength, Cash generation § Valuation multiples SELL DISCIPLINES § Target price reached § Story changes § Sector view/macro environment changes § Better opportunities Process and Product RISK CONTROL GROWTH/VALUE GEOGRAPHIC LARGE, MID & SMALL CAP SEPARATE/WRAPS ACCOUNTS INSTITUTIONAL PORTFOLIO STRUCTURED 36

. . . RESULTING IN TOP PERFORMING FLAGSHIP FUNDS IN KEY SEGMENTS n US Equities ü Pioneer Fund outperformed the S&P over each 10 year period since 1928 and is top decile over the last 5 years ü Equity Income is top quartile over the last 5 years ü Small Cap Value is top quartile over the last 3 years (inception) n European Equities ü All 5 Luxembourg Funds are between first decile and first quartile in the Micropal ranking since their inception (March ’ 98 / July ’ 00) n Credit Funds ü US High Yield Fund ranking 1 st in one year and 3 year rankings ü Strategic Income top decile over 2 years 37

2001: POSITIVE NET SALES IN ALL BUSINESS AREAS 2001 Key figures (Euro mln) Net sales Dec. ’ 01 Au. M Mar. ’ 02 Net sales Mar. ’ 02 Au. M (3) +2, 863 81, 290 -188 81, 337 of which Institutional +1, 048 5, 733 +121 5, 915 USA +1, 376 21, 742 +833 23, 006 International +596 2, 683 +576 3, 408 New Europe +408 1, 044 +65 1, 103 +5, 243 106, 759 +1, 286 108, 854 Italy (1) TOTAL (2) 111, 037 n Acceleration of positive trend in 2002 113, 222 Non Captive/Total Au. M - Assets Breakdown 32% 30, 71% 29, 22% 30% n 28% 26% 25, 31% Increasing “Non Captive” share on total Au. Ms (1) 24% 22% 1. 20% Year 2000 Year 2001 15 March 2002 (1) 2. (2) 3. Excluding Proprietary Funds Including Proprietary Funds (3) As at 15. 3. 2002 38

GOOD INCREASE IN REVENUES (ON A PRO-FORMA BASIS); C/I RATIO AFFECTED BY COSTS OF TURNAROUND (Euro mln) 2001 Trend Vs. 2000 +3. 9% Vs. 2000 pro-forma(1) thanks to successful turnaround of inflows and focus on high margin products (i. e. Capital Guaranteed) Total Revenues 483. 9 Operating costs 378. 4 Costs impacted by non recurring restructuring charges, interest expenses(2) and advertising campaigns to relaunch Pioneer brand Gross operating income 105. 6 Gross operating income affected by impact of turnaround costs Managerial EBIT (3) 139. 4 Percentage changes over 2000 reported figures are not meaningful because of differences in consolidation perimeter (Ex interest expenses and restructuring costs linked to the acquisition ) Net Profit (ante minorities) 69. 4 Net Profit also affected by increased reserves and very conservative approach to tax provisions (1) Pro-forma based on UCI estimates (not accounting figures) including Pioneer USA results (for the whole 2000) in 2000 Pioneer Group’s income statement (2) Interest expenses related to financing of goodwill (3) Gross Operating Income (Euro 105. 6 mln) + Interest Expenses (Euro 23. 4 mln) + Extraordinary Staff Costs (Euro 4 mln) + Other Extraordinary Restructuring Costs (Euro 6. 4 mln) 39

2002 -2004 STRATEGY: FROM A MUTUAL FUND TO A 360° ASSET MANAGER. . . Third party distribution platforms Focus on affluent and HNW Retirement products and Unit-linked insurance policies Separate Accounts including guaranteed wraps High growth/High margin segments Alternative Products Other innovative vehicles with mutual funds as underlying instruments n Pioneer has expertise in all these areas and a unique range of funds with a good track record n Pioneer is poised to become a leader in these segments by 2004 40

… LEVERAGING ON 5 KEY COMPETITIVE ADVANTAGES Integrated, global and “institutionalised” investment process Ensures flexibility and economies of scope for our third party strategy Leader in packaging and delivering innovative products A wide product range can be readily combined to deliver sophisticated “ad hoc” solutions in terms of risk control and personalised asset allocation Comparative advantages with Global Distributors Only few providers will become global players in this segment; Pioneer is well positioned to enter the group Great Global Brand adapted to local needs Global but also flexible enough to adapt quickly to evolving market conditions Development of Alternative Investments capabilities Coverage of low volatility segment and synergies in structured products 41

2002 -2004 STRATEGY FOCUSED ON RETURN ON ASSETS 01 -02 y/y % ch. 02 -04 CAGR +20% 172 +28% +63% 449 +12% +22% 139 519 170 958 111 Growth drivers: 118 ü 3% annual Mkt performance 581 ü Net sales 2001 2002 2004 Revenues 2001 2002 +6% (1) 2001 2002 2004 Average Au. M 2004 Managerial EBIT 73% 26. 1 55. 8 71% 53% 14. 4 46. 7 2001 2002 49. 2 2004 Managerial EBIT on Av. Au. M, bp Managerial C/I Ratio (1) Revenues from pure Asset Management 2001 2002 2004 Revenues on Av. Au. M, bp 42

ITALY: TOP PERFORMER FOR NET SALES IN 2001; PENSION PRODUCTS THE KEY DRIVER OF FUTURE GROWTH 2001 RESULTS n Product innovation and time to market the key drivers of 2001 total net sales (Euro 2. 863 mln, ex proprietary funds); Capital Guaranteed Products generating Euro 7. 46 bn net sales n Confirmed leadership in the Institutional segment (Euro 1, 048 mln net sales) 2002 -2004 STRATEGY n Strong involvement in UCI’s S 3 project, in order to increase share of wallet of private and affluent customers n Launch of Pension Products: Euro 20 -25 bn additional Au. M by 2004 with an average return of 45 -50 bp n New generation of HNW segregated accounts, with a “hedge fund” component - Target: Euro 14 bn Au. M and Euro 7 bn net sales by 2004 n Growing presence in “third party platforms” and Institutional segment 44

USA: TURNAROUND IN SALES IN THE FIRST YEAR AFTER ACQUISITION; 2004 TARGETS TO BE REACHED THROUGH A WIDER PRODUCT RANGE AND ENHANCED DISTRIBUTION CAPABILITIES USD mln PIONEER US - Gross Domestic Sales 5, 000 4, 000 3, 000 2, 000 3, 430 3, 283 2, 166 2, 287 1, 361 2001 RESULTS n Best performance in Pioneer US’ 3, 838 history for gross and net sales in 2001, despite bad market conditions; excellent trend in 2002 YTD 2, 751 1, 330 1, 000 0 1995 1996 1997 1998 1999 2000 2001 2002 (1) 2002 -2004 STRATEGY USD mln PIONEER US - Net Domestic Sales 2, 000 1, 000 629 1, 000 1, 231 1, 189 506 n Double the number of advisors/ distributors (from 35, 000 to 70, 000), increasing their productivity by 30% 729 n Sales force reorganisation; 0 -251 -1, 000 -2, 000 -1, 740 1995 1996 1997 1998 1999 2000 2001 2002 (1) Year-to-date as at 15. 3. 2002 (1) development of sales capabilities in Separate Accounts, Alternative Investments, Structured and Retirement products (i. e. Uni-K and 529 plans) 45

INTERNATIONAL: 2002 YTD NET SALES ALREADY IN LINE WITH FY 2001; NEW THIRD PARTY DISTRIBUTION CHANNELS AND ALTERNATIVE PRODUCTS TO DRIVE GROWTH 2001 RESULTS n New third party distributors, new PIONEER INTERNATIONAL - Net Sales Euro mln 1, 000 596 2002 -2004 STRATEGY 576 500 n New and deeper relations with third party distributors to boost sales of traditional or alternative funds 0 -500 agreements with Open Platforms and rebranding resulted in a strong net sales turnaround n Global distribution agreements with at -414 -1, 000 2001 2002 (1) least 7 major global distributors (vs. 3 at end 2001); maximising Pioneer brand awareness for regional HNW/affluent segments open platforms n Leadership in Alternative Investment products with low volatility spectrum (1) Year-to-date as at 15. 3. 2002 46

NEW EUROPE: LEVERAGING ON EU CONVERGENCE AND UCI’S WIDE AND STRONG NETWORK IN THE REGION 2001 RESULTS PIONEER NEW EUROPE - Net Sales Tot. 2001: 408 mln Euro mln mkt. Share(2)) and Czech Republic (6. 7% mkt. share(2)) 300 2002 -2004 STRATEGY 200 100 0 -100 to Bank Pekao distribution in Poland n Market leadership in Poland (23. 4% 367 400 n Excellent results in net sales, mainly due -0. 11 1 Q 01 n Capitalisation on EU convergence based 65 45 on Italian experience n Consolidation of Pioneer’s leadership in -4. 4 2 Q 01 3 Q 01 4 Q 01 2002 the region through close co-operation with UCI’s network (1) n Development in the Pension Product segment (1) Year-to-date as at 15. 3. 2002 (2) Mkt. Shares as at 28. 2. 2002 47

PIONEER VALUE ADDED STRATEGY: SOPHISTICATED PRODUCTS AND CROSS-FERTILISATION OF SALES EXPERTISE Return n Pioneer has built a factory Bottom Up Equity Credit Low Volatility Hedge Funds Guaranteed Products Risk that is able to address all the risk/return segments: ü Expertise and track record are well established in the Bottom -Up Equity segment ü The objective is to develop leadership in low volatility Hedge Funds ü Guaranteed and Structured products posted out excellent commercial results in Italy n Global Asset Management excellence and sales expertise are the basis for crossfertilisation THE MISSION: ENHANCING RESULTS AND REDUCING EXPOSURE TO FINANCIAL CYCLE 49

Annexes 50

UBM & TRADINGLAB BEFORE AND AFTER SEPTEMBER, 11 th 51

AN EXAMPLE OF PROCESS AND RISK CONTROL Listed Derivatives Trading on Foreign Markets flow (example) Control activity and detailed documentation Correlated process 52