Pioneer Investments

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Pioneer Investments

• Press Conference Slovenia

DDr. Werner Kretschmer 28th of September 2007
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Pioneer Investments

• Our Mission.
• To create sustainable value for our clients
  through growing and preserving their assets

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Agenda

• Corporate Overview
• CEE story so far
• Opportunities and challenges
• Strategy for Slovenia

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Strong Parentage

• Pioneer Investments is owned by UniCredito
  Italiano S.p.A.
• UniCredit is the first truly European bank
• One of the largest banking and financial services
  organizations in Europe
• market capitalization over 67 billion as at 19
  July 20071
• 35 million customers, over 7,000 branches and
  135,857 employees2 (as at 31 March 2007)
• UniCredit has a strong geographic presence
• UniCredit is a global player with coverage in 5
  continents
• Strong credit rating
• Moodys Aa2 ( as at 22 June 2007)
• Standard Poors A (as at 18 July 2007)

• Source Pioneer Investments
• These figures include all employees of Koç Group
  which is consolidated proportionally.

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Global Presence Local Insight

• Pioneer Investments
• A presence in 25 countries worldwide
• AUM 237.6 billion as at 30 June 2007
• Over 2,350 employees, thereof more than 300
  investment professionals

• Source Pioneer Investments as at 30 June 2007

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Fitch Ratings rates Pioneer Investments as
strong"

• Under the new Fitch Rating system introduced in
  June 2007, Pioneer Investments receives an "M2"
  score ("Strong")

Qualities of "M2" rated organisations, according
to Fitch

• Generally stable
• Well-capitalised
• Highly experienced, tenured management teams
• Experienced front-, middle-, and back-office
  staff
• Strong risk management and internal control
  functions
• Frequent investment analysis and monitoring,
  forming a disciplined approach.
• Strong investment administration capabilities
• Good analytical and decision-support tools

Fitch Ratings Manager Rating applies to the
Milan, Dublin and Boston operations of Pioneer
Investments.
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Pioneer Global and Integrated
Distribution Channels
AuM eur bn
Assets

• Retail Private Proprietary
• Third Party/Wholesale
• Institutionals

Italy
110.3
Germany
49.5
Investment solutions
Pioneer Investments model
International
16.0
Reputation
USA
51.2

• Open/Closed Mutual funds
• Hedge funds
• Segregated accounts

• Values
• Brand
• Culture

CEE
10.6
Austria(1)
18.5

• Guaranteed VAR products
• Asset allocation
• Pension products

256.1
Total
Data as per 30 June 2007 (1) Pioneer
Investments Austria is currently a subsidiary of
Bank Austria Creditanstalt
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Agenda

• Corporate Overview
• CEE story so far
• Opportunities and challenges
• Strategy for Slovenia

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Pioneer Investments is the Number One Player in
the CEE Region
Ranking
Marketshare in
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Croatia(1)
29.9
1
Bulgaria
23.5
1
Poland
22.3
2
Turkey(2)
20.0
4
Czech Rep.
7.0
5
Hungary
8.0
7
Slovakia
2.3
8
Romania
5.8
11
Slovenia
2.8
Source Pioneer Investments, as of 31/03/2007 (1)
Including market share of ZB Invest, Croatia
(2) Market share of Yapi Kredi Asset Management
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with a Diversified Portfolio
AuM eur mln
Pioneer Investments
Breakdown of assets in CEE
7,985
Poland
Hungary
1,273
Others
Czech Rep.
628
21
Slovakia
130
Equity
Bulgaria
77
32.6
Slovenia
65
Romania
12
Russia
start up
Pioneer AuM total
10,170
Further AuM non-consolidated
Croatia
1,061(1)
Balanced
Turkey
3,271(2)
46.4
AuM total
14,502
Source Pioneer Investments, as of 31/5/2007 (1)
including AuM of ZB Invest, Croatia (2) AuM of
Yapi Kredi Asset Management
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Agenda

• Corporate Overview
• CEE story so far
• Opportunities and challenges
• Strategy for Slovenia

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CEE is One of the Fastest Growing Regions, being
Reflected in Strong Growth of Household Wealth
Estimated growth of Household Wealth 2006-2009
eur bn
155
63
Turkey
209
177
Russia
23
10
Slovenia
CEE Russia CAGR 16.4 p.a. from eur 760 bn
in 2006 to eur 1,200 bn in 2009
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12
Slovakia
23
16
Romania
182
72
Poland
60
15
Hungary
77
21
Czech Rep.
Wealth 2006
29
13
Croatia
Wealth Growth 06-09
11
8
Bulgaria
Source New Europe Households Wealth and Debt
Monitor, UniCredit May 2007
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with Funds amongst the Most Demanded Products
Estimated cumulative growth of bank deposits vs.
funds 2006-2009
60.5

Bank deposits
54.1
Mutual funds
40.8
CEE Russia CAGR deposits currencies
15 securities shares 11 mutual funds
22 Insurance
18 pension funds 21
27.9
20.8
20.3
18.6
16
15.5
15.3
15.0
14
13.3
10.2
7.9
7.1
6.4
6.5
5.7
3.0
Bulgaria
Croatia
Czech Rep.
Hungary
Poland
Romania
Slovakia
Slovenia
Russia
Turkey
Source New Europe Households Wealth and Debt
Monitor, UniCredit May 2007
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Agenda

• Corporate Overview
• CEE story so far
• Opportunities and challenges
• Strategy for Slovenia

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Leverage on Group Strengths to Meet Local Needs

• LEVERAGE ON
• a wide range of global products
• strong, experienced distribution channels, close
  to the market
• being a highly - reputed international player
• TO MEET DEMANDS IN A CHANGING ENVIRONMENT IN
  SLOVENIA
• wider range of EUR investment possibilities
• more sophisticated products
• appetite for wider geographic allocation
• increased sensitivity to quality
• - gt enhance the existing product range by
  Pioneer Luxembourg domiciled family

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Luxemburg Domiciled FundsEquity Funds
European
US
Global
Emerging Far East
European Small Companies
U.S. Mid Cap Value
Top Global Players
Emerging Markets Equity
Greater China Equity
Top European Players
U.S. Research
Japanese Equity
U.S. Pioneer Fund
Pacific (Ex. Japan) Equity
Eastern European Equity
The correct legal name of the Sub-funds should be
pre-fixed by Pioneer Funds.
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Luxemburg Domiciled FundsBond Funds and
Short-Term Funds
Focus on Mutual Funds - Our Fixed Income Range
Short-Term
European
Global and Emerging
Euro Short-Term
Euro Bond
Emerging Markets Bond
International Bond
Portfolio Funds
Global
Global Dynamic Plus
Global Defensive Plus
The correct legal name of the Sub-funds should be
pre-fixed by Pioneer Funds and Pioneer P.F.
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• Disclaimer
• - This document is produced for additional
  information and only in regard to the non public
  offering of the units or the reporting activities
  of certain funds as mentioned before and shall
  not be constituted as an offer, a recommendation
  or an invitation to buy or sell any securities or
  to invest in indices or markets referred to
  therein, nor shall it form the basis of or relied
  upon in connection with any contract or
  commitment whatsoever. Any opinions or statements
  included herein constitute our judgment at the
  time specified and may be subject to change
  without notice. The information, opinion or
  statement in this document have been compiled, or
  arrived at, based upon information obtained from
  sources believed to be reliable and made in good
  faith. However no representation nor warranty,
  express or implied, is made to its accuracy or
  completeness. Pioneer Investments, therefore
  accepts no liability for any loss arising,
  whether direct or indirect, which may be caused
  by the use of any part of the information
  provided.
• - All rights in respect of translation
  adaptation, total or partial reproduction of this
  document, by any process whatsoever, in any
  country whatsoever, are reserved unless Pioneer
  Investments has given its consent.