UN Principles for Responsible Investment

Pioneer Investments believes in a sustainable and responsible investment management approach to create value for its clients. In February 2009 it further strengthened its commitment to sustainable investment when it signed up to the 'Principles for Responsible Investment', a United Nations initiative, a set of six best practice principles. Launched in April 2006 by former UN Secretary General Kofi Annan, this initiative consists of a set of voluntary principles for asset owners and investment professionals. To date approximately 500 financial institutions have signed the UNPRI, representing a total of over US$ 18 trillion in assets under management as of February 2008.

The 6 Principles:

1. We will incorporate ESG issues into investment analysis and decision-making processes.

2. We will be active owners and incorporate ESG issues into our ownership policies and practices.

3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.

4. We will promote acceptance and implementation of the Principles within the investment industry.

5. We will work together to enhance our effectiveness in implementing the Principles.

6. We will each report on our activities and progress towards implementing the Principles.