PIONEER INVESTMENT MANAGEMENT USA INC. REORGANIZES DISTRIBUTION ENTITY, HIRES TWO FORMER FIDELITY EXECUTIVES

BOSTON, Massachusetts - Pioneer Investment Management USA Inc. announced today the reorganization of its distribution marketing company, Pioneer Funds Distributor, Inc., into two distinct units: Distribution and Strategic Marketing.

"After reviewing Pioneer’s structure alongside our goals, it was clear to me that a change was necessary," said Dan Geraci, President and CEO of Pioneer Investment Management USA Inc. "Strategic Marketing and Distribution are both areas of critical importance as we move to broaden Pioneer’s product line and realize our aggressive long-term goals. The new structure allows for greater focus in both areas."

The Distribution unit will be under the direction of Bill O'Grady as Executive Vice President of Distribution. Bill will join Pioneer on March 11. He brings an extensive background in sales and sales management, most recently managing a multi-channel distribution organization at Fidelity. Previously, Bill ran the bank distribution effort at Alliance.

The Strategic Marketing group will be led by Steven Graziano, an 8-year Pioneer veteran. As Executive Vice President of Strategic Marketing, Steve’s responsibilities will include product management and development, the retirement and institutional businesses, new business development and marketing. Steve’s deep knowledge of asset management product strategy was gained over a 15-year career in the industry.

Richard Sardelli will join Pioneer on March 11 as Senior Vice President and Director of Marketing Communications, reporting to Steve. Richard brings a long track record of building brands and delivering top-flight marketing communications capabilities to the intermediary mutual fund marketplace. His 30-year career includes senior-level positions at several New York ad agencies, including Young & Rubicam and McCaffrey & McCall. Richard was most recently Senior Vice President of Marketing Communications for Fidelity Investments Institutional Services.

"Pioneer has made enormous strides over the past year, breaking new sales records and gaining name recognition on a global basis," said Dan Geraci. "With Bill, Steve and Richard in key roles, I believe we have the framework in place for taking the firm to the highest level of success in its history."

Pioneer Global Asset Management S.p.A. and its subsidiaries managed $95 billion (as of January 31, 2002) under the name Pioneer Investments®, including over $19 billion for US investors. Pioneer’s flagship fund, Pioneer Fund was founded in 1928 and is the fourth oldest mutual fund in the United States.

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Pioneer Funds Distributor, Inc., is the underwriter of Pioneer mutual funds. For information about any 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 and a quarterly fact sheet containing the latest holdings and fund performance. Please read the prospectus carefully before you invest or send money. ©Pioneer Investment Management, Inc. Member of the UniCredito Italiano Banking Group, Register of Banking Groups.