1. Performance Attribution
Pioneer European Research vs. Pioneer Fund European Research BMK
20111230 to 20121231
Euro
Weights Returns Attribution Analysis
Portfolio Benchmark Variation in Portfolio Benchmark Variation in Allocation Selection Interaction Total
Average Average Average Total Total Total Effect Effect Effect Effect Total
Ticker GICS_Pioneer_Sector Weight Weight Weight Return Return Return (Local) (Local) (Local) (Local) Effect
Consumer Durables & Apparel 2.96 2.09 0.87 37.31 36.17 1.14 0.21 0.02 0.05 0.28 0.26
718473 SWATCH GROUP AG/THE-REG 1.16 0.05 1.11 27.96 27.96 0.00 0.17 0.00 0.00 0.17 0.17
403197 ADIDAS AG 1.07 0.25 0.82 35.58 35.58 0.00 0.13 0.00 0.00 0.13 0.12
B3W1GM POWERLAND AG 0.33 0.00 0.33 -6.79 0.00 -6.79 -0.09 0.00 0.00 -0.09 -0.10
572670 (DEAD) HUGO BOSS-PFD 0.33 0.00 0.33 41.23 -0.28 41.51 0.37 0.00 0.00 0.37 0.35
B88MHC HUGO BOSS AG -ORD 0.07 0.02 0.05 3.06 1.88 1.19 0.01 0.00 0.00 0.01 0.01
406139 Christian Dior S.A. 0.00 0.12 -0.12 0.00 42.35 -42.35 -0.03 0.00 0.00 -0.03 -0.03
B12PJ2 Husqvarna AB 0.00 0.03 -0.03 0.00 31.71 -31.71 0.00 0.00 0.00 0.00 0.00
480065 LUXOTTICA GROUP SPA 0.00 0.07 -0.07 0.00 45.33 -45.33 -0.01 0.00 0.00 -0.01 -0.01
B1KKBX ELECTROLUX AB-SER B 0.00 0.08 -0.08 0.00 66.58 -66.58 -0.03 0.00 0.00 -0.03 -0.03
317430 BURBERRY GROUP PLC 0.00 0.14 -0.14 0.00 8.68 -8.68 0.01 0.00 0.00 0.01 0.01
718472 SWATCH GROUP AG/THE-BR 0.00 0.20 -0.20 0.00 33.26 -33.26 -0.03 0.00 0.00 -0.03 -0.03
B3DCZF CIE FINANCIERE RICHEMON-BR A UNDER CA 0.00 0.50 -0.50 0.00 52.01 -52.01 -0.14 0.00 0.00 -0.14 -0.14
406141 LVMH MOET HENNESSY LOUIS VUI 0.00 0.63 -0.63 0.00 28.91 -28.91 -0.08 0.00 0.00 -0.08 -0.07
Consumer Services 2.10 1.02 1.09 33.69 32.89 0.80 0.15 0.03 0.03 0.22 0.22
053315 COMPASS GROUP PLC 0.67 0.31 0.36 26.37 26.18 0.19 0.02 0.00 0.00 0.02 0.03
CCL CARNIVAL CORP 0.62 0.00 0.62 15.33 0.00 15.33 -0.02 0.00 0.00 -0.02 -0.02
B3MSM2 AMADEUS IT HOLDING SA-A SHS 0.58 0.10 0.48 54.97 54.97 0.00 0.22 0.00 0.00 0.22 0.21
482897 PADDY POWER PLC Dublin Listing 0.24 0.00 0.24 42.88 0.00 42.88 0.08 0.00 0.00 0.08 0.07
B62G1B EDENRED 0.00 0.07 -0.07 0.00 25.30 -25.30 0.00 0.00 0.00 0.00 0.00
B1KJJ4 Whitbread PLC 0.00 0.09 -0.09 0.00 65.40 -65.40 -0.03 0.00 0.00 -0.03 -0.03
585284 ACCOR SA 0.00 0.07 -0.07 0.00 41.14 -41.14 -0.02 0.00 0.00 -0.02 -0.01
525620 Autogrill S.p.A. 0.00 0.02 -0.02 0.00 4.06 -4.06 0.00 0.00 0.00 0.00 0.00
312152 CARNIVAL PLC 0.00 0.10 -0.10 0.00 19.19 -19.19 0.00 0.00 0.00 0.00 0.00
706271 Sodexo S.A. 0.00 0.11 -0.11 0.00 16.96 -16.96 0.00 0.00 0.00 0.00 0.00
710725 OPAP SA 0.00 0.02 -0.02 0.00 -9.21 9.21 0.01 0.00 0.00 0.01 0.01
B85KYF InterContinental Hotels Group PLC 0.00 0.11 -0.11 0.00 55.75 -55.75 -0.03 0.00 0.00 -0.03 -0.03
B1Z7RQ TUI TRAVEL PLC 0.00 0.02 -0.02 0.00 85.88 -85.88 -0.01 0.00 0.00 -0.01 -0.01
Media 1.71 1.46 0.25 35.62 21.46 14.16 0.01 0.17 0.01 0.19 0.21
438042 PUBLICIS GROUPE 0.81 0.12 0.69 29.05 29.05 0.00 0.08 0.00 0.00 0.08 0.08
479053 SCHIBSTED ASA 0.46 0.00 0.46 69.33 0.00 69.33 0.16 0.00 0.00 0.16 0.18
067760 PEARSON PLC 0.44 0.24 0.20 4.89 4.89 0.00 0.00 0.00 0.00 0.00 0.01
B3DMTY WPP GROUP PLC 0.00 0.25 -0.25 0.00 39.86 -39.86 -0.04 0.00 0.00 -0.04 -0.05
B151P4 Modern Times Group MTG AB 0.00 0.03 -0.03 0.00 -28.93 28.93 0.02 0.00 0.00 0.02 0.01
414881 REED ELSEVIER NV 0.00 0.13 -0.13 0.00 29.51 -29.51 -0.01 0.00 0.00 -0.01 -0.01
014119 BRITISH SKY BROADCASTING GRO 0.00 0.19 -0.19 0.00 11.78 -11.78 0.02 0.00 0.00 0.02 0.01
B2B0DG REED ELSEVIER PLC UNDER CA 0.00 0.16 -0.16 0.00 32.75 -32.75 -0.02 0.00 0.00 -0.02 -0.02
567151 WOLTERS KLUWER 0.00 0.08 -0.08 0.00 21.05 -21.05 0.00 0.00 0.00 0.00 0.00
464731 Axel Springer AG 0.00 0.03 -0.03 0.00 0.81 -0.81 0.00 0.00 0.00 0.00 0.00
457913 ProSiebenSat.1 Media AG 0.00 0.03 -0.03 0.00 58.53 -58.53 -0.01 0.00 0.00 -0.01 -0.01
339864 GRANADA PLC 0.00 0.08 -0.08 0.00 62.73 -62.73 -0.02 0.00 0.00 -0.02 -0.03
599711 TF1 0.00 0.01 -0.01 0.00 -16.80 16.80 0.00 0.00 0.00 0.00 0.00
713666 JCDecaux S.A. 0.00 0.02 -0.02 0.00 2.82 -2.82 0.00 0.00 0.00 0.00 0.00
596464 Sanoma Oyj 0.00 0.01 -0.01 0.00 -20.19 20.19 0.00 0.00 0.00 0.00 0.00
454721 LAGARDERE S.C.A. 0.00 0.05 -0.05 0.00 29.06 -29.06 -0.01 0.00 0.00 -0.01 -0.01
507794 MEDIASET SPA 0.00 0.02 -0.02 0.00 -37.03 37.03 0.02 0.00 0.00 0.02 0.02
Retailing 1.02 1.48 -0.47 23.87 30.85 -6.98 -0.05 -0.10 0.01 -0.14 -0.13
331952 KINGFISHER PLC 0.92 0.16 0.76 20.65 20.65 0.00 -0.02 0.00 0.00 -0.02 0.00
B4YC9W YOOX SPA 0.10 0.00 0.10 17.09 0.00 17.09 0.04 0.00 0.00 0.04 0.04
568743 HENNES & MAURITZ AB-B SHS 0.00 0.52 -0.52 0.00 8.36 -8.36 0.05 0.00 0.00 0.05 0.04
711131 INDITEX 0.00 0.35 -0.35 0.00 69.64 -69.64 -0.15 0.00 0.00 -0.15 -0.14
312748 MARKS & SPENCER GROUP PLC 0.00 0.14 -0.14 0.00 32.86 -32.86 -0.01 0.00 0.00 -0.01 -0.02
320898 NEXT PLC 0.00 0.13 -0.13 0.00 43.57 -43.57 -0.03 0.00 0.00 -0.03 -0.03

2. Performance Attribution
Pioneer European Research vs. Pioneer Fund European Research BMK
20111230 to 20121231
Euro
Weights Returns Attribution Analysis
Portfolio Benchmark Variation in Portfolio Benchmark Variation in Allocation Selection Interaction Total
Average Average Average Total Total Total Effect Effect Effect Effect Total
Ticker GICS_Pioneer_Sector Weight Weight Weight Return Return Return (Local) (Local) (Local) (Local) Effect
550507 PPR 0.00 0.19 -0.19 0.00 29.78 -29.78 -0.02 0.00 0.00 -0.02 -0.02
Consumer Staples 13.69 14.58 -0.89 13.95 16.87 -2.92 0.14 -0.46 -0.07 -0.39 -0.44
Energy 11.66 11.67 -0.01 -11.06 -1.37 -9.69 -0.02 -1.21 -0.01 -1.23 -1.28
Financials 19.31 18.85 0.46 32.35 31.12 1.23 -0.04 0.21 0.00 0.16 0.17
Health Care 4.74 12.05 -7.31 11.57 17.88 -6.31 -0.56 0.60 -0.16 -0.11 0.03
Industrials 11.00 10.88 0.12 36.23 22.01 14.22 -0.04 1.19 -0.03 1.13 1.28
Information Technology 2.78 2.78 0.00 0.89 24.65 -23.76 -0.01 -0.57 -0.05 -0.63 -0.60
Materials 9.19 9.58 -0.39 23.07 17.04 6.03 0.01 0.44 -0.12 0.33 0.32
Telecommunication Services 7.67 6.55 1.12 0.76 -4.01 4.77 -0.26 0.30 0.02 0.07 0.12
Utilities 4.29 4.51 -0.22 18.31 5.00 13.31 0.03 0.59 -0.01 0.61 0.62
[Cash] 5.10 0.00 5.10 -82.34 0.00 -82.34 -0.64 0.00 0.00 -0.64 -0.88
[Unassigned] -0.04 0.00 -0.04 n/a 0.00 n/a 1.52 0.00 0.00 1.52 1.50
Total 100.00 100.00 0.00 19.33 17.29 2.04 0.48 1.76 -0.23 2.01 2.04
Holdings Data As Of
Pioneer European Research 20111230 through 20121228
Pioneer Fund European Research BMK 20120102 through 20121231