PIONEER GLOBAL ASSET MANAGEMENT S.P.A. APPOINTS DAN GERACI AS CEO AND PRESIDENT OF PIONEER USA

Mr. Geraci will report to Dario Frigerio, Chief Executive Officer of Pioneer Global, and will direct the strategy of Pioneer USA. He comes to Pioneer from Fidelity Private Wealth Management Group ("FPWMG"), where he was President. Mr. Geraci replaces David Tripple, whose resignation became effective at the end of September.

"Dan possesses the strategic management skills and broad expertise we were seeking in a candidate," said Mr. Frigerio. "We are happy to have someone with his enormous skill base and breadth of experience join us to lead the U.S. team. We also expect that, as a Director of our global holding company, Dan will be able to introduce our European capabilities to the US market and that he will make an important strategic contribution to our global mutual funds and wealth management businesses."

In addition to leading FPWMG, Mr. Geraci was instrumental in launching the group in 2000. He also directed distribution and marketing at Fidelity Investments Institutional Services from 1998 and at Fidelity Investments Canada, Ltd. from 1996 during which time the business grew from US$5.5bn to US$17bn in assets under management. Previously, Mr. Geraci was with Midland Walwyn Capital, Ltd. in Toronto where he founded and led its asset management subsidiary, Atlas Asset Management, the first style-specific fund family in Canada (now part of Merrill Lynch Investment Management). Earlier at Midland, he directed the firm's financial services group and also directed the retail division of the firm's predecessor, Walwyn Stodgell Cochran Murray, Ltd. He began his financial services career as a broker at E.F. Hutton & Co. in 1980 and later was Director of National Sales Development in New York.

"I'm looking forward to working with a great team of new partners at Pioneer," said Mr. Geraci. "It is exciting to come to work for a firm with a long history and a parent that has vision, foresight and resources-all critical elements for turning challenges into success."

Pioneer Global Asset Management S.p.A. and its subsidiaries managed over EUR 107 billion (US$99 billion) as of 31 August 2001, under the name Pioneer Investments®.