Update of Landmark 1992 Survey Finds: Women Are Smarter, More Confident Investors Than Ever, But Asset Accumulation Comes Grudgingly

The purchase of Momentum is part of Pioneer Global’s and its affiliates’ ("Pioneer") plans to expand aggressively into the fast growing alternative investments arena. It broadens Pioneer’s existing alternative investment capabilities, which are managed through its affiliate, Pioneer Alternative Investment Management Limited (PAI), and have focused on single manager/strategy funds.

"Pioneer and Momentum each have a long heritage of innovative and profitable product development," said Dario Frigerio, CEO of Pioneer Global. "These synergies, combined with Pioneer’s strong global distribution capability, will help Pioneer become a leading presence in the growing hedge fund industry."

The alternative investments industry-including funds of hedge funds, single strategy hedge funds and associated structured and custom products-has seen significant growth in recent years. There is growing investor interest from institutions and the high net worth market in achieving greater diversification through exposure to alternative investments. Alternative investment products tend to have a very low correlation with other traditional asset classes, such as stock and bond mutual funds.

"We believe institutions and high net worth individuals will continue to show strong interest in alternative investments as they come to appreciate the attractive risk/reward potential these products offer," said Alberto La Rocca, CEO of PAI and new Global Head of Alternative Investments for Pioneer Global. "We expect the acquisition of Momentum will give Pioneer the range of alternative products and the scale to capitalize on the anticipated expansion of the market and to grow assets under management and market share."

"Momentum and Pioneer are an excellent strategic fit," said Michael Goldman, CEO of Momentum. "Pioneer expects to benefit from Momentum’s brand name and long track record, while Momentum’s products and clients stand to benefit from the substantial corporate backing of the UniCredito Italiano Group."

"U.S. financial advisors are seeing a growing interest in alternative products from their clients," said Dan Geraci, CEO of Pioneer Investment Management USA Inc. "The addition of hedge funds will broaden Pioneer’s range of investment products and help to ensure that we are able to serve the needs of our distribution partners in every type of market environment."

Pioneer Global manages approximately $99 billion (as of March 31, 2002), including over $20 billion for U.S. investors, under the name Pioneer Investments®. Pioneer’s flagship fund, Pioneer Fund, was founded in 1928 and is the fourth oldest mutual fund in the United States. PAI was formed in 1999.

Single strategy and structured products are managed from the Dublin office, with Italian domiciled funds of hedge funds managed from Milan. PAI (Dublin) is authorized by the Central Bank of Ireland and PAI (Milan) is authorized by the Bank of Italy. Formed in 1987, Momentum is domiciled and registered in Bermuda and has offices in Australia, Bermuda, Hong Kong, Israel, London, and New York. Assets under management of the combined alternative investment companies will be approximately $1.76 billion.

# # # #

©2002 Pioneer Funds Distributor, Inc. is the underwriter of Pioneer mutual funds. For information about the Pioneer Fund, please request a free kit from an investment representative or Pioneer at 800-225-6292. The kit includes a prospectus describing charges and expenses. Please read the prospectus carefully before you invest or send money. This material is not a solicitation to buy or an offer to sell any other product mentioned.

Pioneer Investment Management, Inc. Member of the UniCredito Italiano Banking Group, Register of Banking Groups