Company Press Release

Boston, Massachusetts—Pioneer Investments today announced the addition of three senior members to the company’s U.S. institutional sales and consultant relations teams.

“These new hires represent an important step in Pioneer Investments’ efforts to increase our presence and experience in the institutional marketplace,” said Jack O’Connor, Executive Vice President and Head of U.S. Institutional. “Pioneer Investments has a large global investment team, a proven investment process, and highly competitive products for the institutional marketplace. With the addition of these industry veterans we now have a robust team in place to support sales, client service, and consultant relations in the U.S. As part of a global team supporting the institutional market, our goal in the U.S. is to build on the momentum we have worldwide, where we now have approximately $70 billion in institutional assets under management,” O’Connor added.

The appointments include: William G. Porter, Director of U.S. Consultant Relations; Scott D. Krattenmaker, Vice President Institutional Sales; and George W. Lynch, Vice President Institutional Sales.

William G. Porter, Director of U.S. Consultant Relations

Porter has 16 years of experience in the investment industry, having spent the last 12 years at State Street Global Advisors (SSgA). Most recently he served as a senior consultant relations officer for SSgA. Prior to this position, he served as an investment officer in SSgA’s Global Structured Products Group. Porter started his career at Scudder, Stevens & Clark in the investor information area. He graduated magna cum laude from St. Lawrence University with a B.A. in Political Science and History (1992) and anticipates earning his M.B.A. from Northeastern University in 2009.

Scott D. Krattenmaker, VP Institutional Sales

Prior to joining Pioneer Investments, Krattenmaker served as a senior vice president of institutional sales for Standish Asset Management, a unit of Bank of New York Mellon Corporation, since 2000. He joined Standish from Fidelity Investments, where he was a senior product manager for Fidelity Institutional Money Markets. Earlier in his career, Krattenmaker held positions in institutional sales and client service at Student Loan Marketing Association in Washington, D.C. He graduated from the University of Richmond (1991) with a B.A. in Economics and earned his M.B.A. from DePaul University (1999).

George W. Lynch, VP Institutional Sales

Lynch has 15 years of experience in the investment industry and most recently served as Vice President of business development at Fidelity Family Office Service in Boston. Prior to joining Fidelity Family Office Services in 2004, Lynch spent five years as Vice President of large plan sales for Fidelity Investments Tax-Exempt Services Company, where he focused on Public Plans. Lynch joined Fidelity in 1996 where he held positions in both the retirement and cash management businesses. Prior to joining Fidelity, he worked at both Gates Capital and J&W Seligman in New York as a taxable bond trader. He graduated from Boston College in 1992 with a B.A. in Economics.

About Pioneer Investments

Pioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries, a global investment firm with offices in 29 countries, 2,500 employees, and approximately $303 billion in assets under management as of July 31, 2008, of which approximately $71 billion was managed in the U.S. Pioneer Institutional Asset Management Inc. is the institutional subsidiary of Pioneer Investment Management USA Inc., which is the North American subsidiary of Pioneer Global Asset Management S.p.A., a wholly-owned subsidiary of UniCredit S.p.A. Pioneer Investments traces its roots to 1928 with the creation of the Pioneer Fund, the third-oldest mutual fund in the United States.