Notice for Australian residents:
The information contained in the Website is provided only to professional investors and/or wholesale clients as defined under the Corporations Act of Australia and is not directed at the public in Australia. Please consult your professional advisers if you are in doubt as to whether you are permitted to receive the information contained in the Website. The Website does not constitute an offer to buy or solicitation to sell any securities or any services referred to in the Website by or to anyone in Australia, and nothing herein shall constitute personal financial advice.

Notice for residents of Bahrain:
You confirm that you are either a sophisticated or high net worth individual or financial institution with an existing relationship with a member of the Pioneer Investments group of companies. Pioneer Global Investments Limited does not intend the content of this website to be an invitation to the public in Kingdom of Bahrain to subscribe to units/shares in the funds or products mentioned in this website. The content of this website should not be made available to the public generally. The Central Bank of Bahrain has not reviewed or approved this website or the use thereof in the Kingdom of Bahrain. The Central Bank of Bahrain is not responsible for any of the funds or products mentioned in this website.

Notice for residents of Finland:
The website and its content is provided only to professional investors within the meaning of the Securities Markets Act (495/1989, SMA) and the Act on Common Funds in Finland and in reliance on the exemptions relating to professional investors therein.

This website and any of its content shall not be used for the purpose of, or in connection with, any offer or solicitation relating to non-professional investors in Finland, and the content of this website shall not be delivered to any non-professional investors.

Notice for Hong Kong residents:
The information contained in the Website is provided only to persons who are "Professional Investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) and the Securities and Futures (Professional Investor) Rules of Hong Kong. The Website is not directed at the public in Hong Kong. Please consult your own professional advisers if you are in doubt as to whether you are permitted to receive the information herein.

Notice for residents of Japan:
The information contained in the Website is provided only to “Designated Institutional Investors” and/or “Qualified Institutional Investors” as defined under the Securities and Exchange Law of Japan and Regulations there under. Any service referred to in the Website is directed only at investment advisors, discretionary managers and/or investment trust companies. Please consult your own professional advisers if you are in doubt as to whether you are permitted to receive the information herein.

Notice for residents of Korea:
The information contained in the Website is provided only to “Qualified Investors” as defined under the Indirect Investment Asset Management Business Act of Korea. Please consult your professional advisers if you are in doubt as to whether you are permitted to receive the information contained in the Website. Nothing herein shall constitute an offer/solicitation of investment management/advisory services.

Notice for residents of Luxembourg
This website and its content should not be considered a public offering in the Grand Duchy of Luxembourg and the shares or units of the fund referred to in the website may not be registered as foreign fund with the Luxembourg regulatory authorities. The content of this website is directed at a limited number of sophisticated investors in all cases under circumstances designed to preclude a distribution, which would be other than a private placement. All public solicitations are banned and the sale of the units or shares of the funds referred to in this website may not be publicly advertised nor may the offering documents be circulated to the general public in Luxembourg.

Notice for Dutch Residents
The content of the Website is approved in the Netherlands for communication to the following persons who trade or invest in securities for professional or commercial purposes:

• securities institutions;
• credit institutions as defined in Article 1, first bullet, of Directive 77/780/EEC of 12 December 1977 (L 322/30);
• financial institutions as defined in Article 1 (6) of Directive 89/646/EEC of 15 December 1989 (L 386/1);
• insurance enterprises that have funds invested of at least 25 million euro or the equivalent in a foreign currency;
• investment institutions as referred to in the Act on the Supervision of Collective Investment Schemes (Wet toezicht beleggingsinstellingen);
• pension funds that have funds invested of at least 25 million euro or the equivalent in a foreign currency;
• central governments;
• international and supranational organisations governed by public law;
• legal persons having consolidated total assets of at least 500 million euro or that have funds invested of at least 25 million euro or the equivalent in a foreign currency. The content of the Website is not directed at any person not falling into one or other of the these categories including high net worth individuals, and all such persons should place no reliance on the content of the Website for any purposes whatever.

Notice for residents of Portugal:
This website and its content is approved in Portugal for use by Qualified Investors as this term is defined in article 30/1 of the Portuguese Securities Code

Notice for residents of Singapore:
The information contained in the Website is provided only to accredited and/or institutional investors as defined under s. 305 of the Securities and Futures Act of Singapore, and is not directed at the retail public of Singapore. Please consult your professional advisers if you are in doubt as to whether you are permitted to receive the information contained in the Website. Nothing herein shall constitute any offer/solicitation of securities and/or services.

Notice for Swedish Residents:
In Sweden this website and its content is directed at qualified investors only.

Notice for Swiss residents:
This website and its content is directed exclusively at qualified investors (as defined in Art. 10 par. 3 Collective Investment Schemes Act of 23 June 2006 and Art. 6 Collective Investment Schemes Ordinance of the Federal Council of 22 November 2006 and as listed below):

• Regulated financial intermediaries such as banks, securities traders and fund management companies.
• Regulated insurance institutions.
• Public entities and retirement benefits institutions with professional treasury operations.
• Companies with professional treasury operations.
• High net worth individuals with a financial worth of at least CHF 2 mio.
• Investors who have concluded a written discretionary management agreement with a financial intermediary, and if the financial intermediary is subject to the Anti-money Laundering Act of 10 October 1997 and to the rules of a recognized professional body, and if the written discretionary management agreement meets the requirements of the recognized professional body.

The content of this website shall not be distributed to the public in Switzerland.

Notice for residents of Taiwan:
The information contained in this website is provided only to ‘Qualified Financial Institutions’ and/or ‘Accredited Investors’ as defined under the relevant laws of Taiwan and is not directed at the public in Taiwan. Please consult your professional advisers if you are in doubt as to whether you are permitted to receive the information contained in the Website. Nothing herein shall constitute an offer/solicitation of securities and/or services.

Notice for UK Residents:
The Website and its contents have been approved by Pioneer Global Investments Limited. In the United Kingdom it is approved for distribution by Pioneer Global Investments Limited (London Branch), 123 Buckingham Palace Road, London SW1W 9SL, authorised by the Financial Regulator in Ireland and regulated by the Financial Services Authority for the conduct of UK business. The funds mentioned in the Website constitute unregulated collective investment schemes and accordingly do not carry the protection provided by the UK regulatory system.

The content of the Website constitutes a financial promotion relating to unregulated collective investment schemes and as such in the UK is directed only at persons who fall within articles 14 or 22 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (“the CIS Order”), namely:

• investment professionals, being persons authorised pursuant to the Financial Services and Markets Act 2000 (“FSMA”) or exempt from the requirement to be so authorised; governments, local and public authorities; persons who invest, or can reasonably be expected to invest on a professional basis; any director, officer, executive or employee of any such person when acting in that capacity;
• any body corporate with, or grouped with another person that has, paid up capital or net assets exceeding £5m (or currency equivalent);
• any body corporate with, or grouped with another person that has, at least 20 members and paid up capital or net assets exceeding £500,000 (or currency equivalent);
• any partnership or unincorporated body with net assets exceeding £5m (or currency equivalent);
• the trustee of any trust which at any time in the 12 months preceding the date of the promotion constituted by the Website had a gross value of £10m (or currency equivalent) in cash or FSMA-regulated investments; or
• any director, officer, executive or employee of any person (2) - (5) above when acting in that capacity.

Promotion to a person not falling into one or other of the these categories has accordingly not been authorised and may contravene FSMA, and in such cases you should place no reliance on the content of the Website for any purposes whatever. Persons who do not fall within one or both of articles 14 or 22 of the CIS Order will not be accepted as investors in the funds mentioned in the Website.

Pioneer Global Investments Limited is not a participant in the Financial Services Compensation Scheme so you will not be entitled to compensation under that scheme.

Notice for Belgian Residents:
The content of the Website is approved in Belgium for communication to the following persons:

• the Belgian state, regions and communities;
• the European Central Bank, the National Bank of Belgium, the Interest Fund, the Protection Fund for Deposits and Financial Instruments and the Deposit and Consignment Fund;
• the Belgian and foreign credit institutions referred to in article 1, second section of the Law of 22 March 1993;
• Belgian and foreign investment companies whose normal business consist of rendering of investment services, on a professional basis, within the meaning of article 46, 1? of the Law of 6 April 1995;
• the collective investment institutions referred to in Book lll of the above-mentioned Law of 4 December 1990 and any other foreign collective investment institutions;
• insurance companies and institutions referred to in article 2, §§ 1 and 3 of the Law of 9 July 1975, (ii) foreign insurance companies and pension funds not operating in Belgium, and (iii) Belgian and foreign re-insurance companies;
• capitalisation companies referred to in Royal Decree n? 43 of 15 December 1934;
• portfolio companies referred to in Royal Decree n? 64 of 10 November 1967 and any other other companies whose main actual activity consists of purchasing capital shares from other enterprises or shares conferring the right to or undertake to subscribe to, purchase or convert such shares;
• coordination centres referred to in Royal Decree n? 187 of 30 December 1982 on the incorporation of coordination centres;
• companies whose financial instruments are authorised on a regulated market within the meaning of article 1, § 3 of the Law of 6 April 1995, or any other foreign regular, recognised markets accessible to the public, provided that their equity capital on a consolidated basis exceeds 25,000,000 euro;
• companies, funds or other similar entities incorporated under foreign law whose main activity consists of investing debt instruments or participation rights in collective investment institutions and financing themselves via issue transactions in Belgium exclusively intended for the persons and institutions referred to in (a) to (j) or via issue transactions abroad; and
• other foreign institutions and undertakings which can be regarded, under applicable law, as professional or institutional investors or are considered as such in accordance with the financial market practices.

The Website contains information covering many different investment funds and products, and/or strategies which may be managed and in some cases registered in different locations around the world. As such, access to the information contained herein may be restricted by laws and regulations applicable to the user. This information is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of any applicable laws or regulations. In particular, certain funds, products and/or investment strategies/services can be marketed in certain jurisdictions only. The user should ensure that the use of this information and the making of any investment as a result does not contravene any such restrictions. It is the user's responsibility to be informed and to observe all applicable laws and regulations of any relevant jurisdiction.

Nothing in the Website constitutes investment advice and it is important that you do not rely upon its content to make investment decisions. Should you wish to seek advice, please contact a financial adviser. The funds and/or products mentioned in this Website may not be suitable for everyone. If you have any doubts as to suitability, you should seek appropriate professional advice. Investment in the funds and/or products mentioned in the Website may have tax consequences and it is important to bear in mind that Pioneer Global Investments Limited does not provide tax advice. The levels and basis of taxation can change. You should consult your own tax adviser in order to understand any applicable tax consequences.

The information contained within the Website does not constitute an offer to buy or solicitation to sell shares or units in any of the funds or products referred to in the Website or any services, by or to anyone in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. Any user distributing information taken from the Website, in whatever form, to any other person, agrees to attach a copy of this page and obtain the agreement of such other person to comply with the terms set forth on this page.

In particular, the information contained in the Website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under United States laws). The funds mentioned in the Website have not been registered in the United States under the Investment Company Act of 1940 and units or shares in the funds mentioned in the Website are not registered in the United States under the Securities Act of 1933.

Applications to invest in any of the funds and/or products mentioned in the Website must only be made on the basis of the offer document relating to the specific fund and/or product (e.g. prospectus, investment memorandum or other applicable terms and conditions). All users should obtain appropriate professional advice as to whether they require any governmental or other consents or need to observe any formalities to enable them to invest in any particular fund and/or product. If you are unsure about the meaning of any of the information contained within the Website, please obtain appropriate professional advice.

Content:
Whilst Pioneer Global Investment Limited seeks to ensure that the information on this web site is accurate and up to date, Pioneer Global Investments Limited does not warrant the adequacy, accuracy, timeliness or completeness of this information and does not accept any liability arising from any inaccuracy or omission in or the use of or reliance on the information on this web site

Further, Pioneer Global Investments Limited reserves the right to change or amend the information provided at any time and without prior notice.

In view of the above, Pioneer Global Investments Limited advises you to confirm the accuracy of any information with Pioneer Global Investments Limited before seeking to rely on such information.

Intellectual Property Rights
Copyrights and all other intellectual property rights subsisting in the Website and each and every piece of information provided on or through the Website is owned by Pioneer Global Investments Limited, its affiliates or a third party licensor. You may not copy, modify, publish, licence, sell, resell, retransmit or otherwise make the information retrieved from the Website available in any manner or on any media to any third party unless you have obtained our prior written consent.

Availability of Website
Pioneer Global Investments Limited will endeavour to make the Website available but cannot guarantee that the Website will operate continuously or without interruptions or be error free. You must not attempt to interfere with the proper working of the Website and, in particular, you must not attempt to circumvent security, tamper with, hack into, or otherwise disrupt any computer system, server, website, router or any other internet connected device.

Pioneer Global Investments Limited reserves the right to correct, improve or change the Website and to suspend access to the Website for maintenance or improvements. The Website may contain typographical errors or inaccuracies and Pioneer Global Investments Limited does not take responsibility for amending or updating such information.

The Website is provided on an "as is" basis and neither Pioneer Global Investments Limited nor any of its information providers, licensors, directors, employees, or agents warrant that their supply of information to users ("the Service") will be uninterrupted or error free nor does Pioneer Global Investments Limited or any of its information providers, licensors, directors, employees or agents make any warranty as to the results to be obtained from use of the Service.

The Service is distributed without warranties of any kind either express or implied, including but not limited to warranties of title or implied warranties of satisfactory quality or fitness for a particular purpose or otherwise, other than those warranties which are implied by and incapable of exclusion, restriction, or modification under applicable law.

All conditions, warranties or representations, not expressly stated in these Terms are excluded to the fullest extent permissible by law.

You are responsible for ensuring that your computer system meets all relevant technical specifications necessary to use the Website. You also understand that Pioneer Global Investments Limited cannot and does not guarantee or warrant that any material available on the Website will be free from infection, viruses and/or other code that has contaminating or destructive properties. You are responsible for implementing sufficient procedures and virus checks (including anti-virus and other security checks) to satisfy your particular requirements for the accuracy of data input and output.

Pioneer Global Investments Limited provides the Service free of charge and therefore neither Pioneer Global Investments Limited nor anyone else involved in creating, producing or delivering the Service shall be liable (in tort, contract or otherwise) for any direct, indirect, incidental, special or consequential damages arising out of use of the Website or Service, or inability to use the Website or Service or out of any breach of any warranty.

Pioneer Global Investments Limited will not in any way be responsible for any acts or omissions of the user in connection with the Service. Pioneer Global Investments Limited is not responsible for any loss or damage that could result from interception of the Services by third parties, theft, operator error or strikes.

If Pioneer Global Investments Limited is liable in respect of the Website and/or the Service for any reason, its liability shall be limited to €100.

Neither Pioneer Global Investments Limited nor anyone else involved in creating, producing or delivering the Service (together, “Service Providers”) shall be liable for any direct, indirect, incidental, special or consequential damages arising out of use of the Service or inability to use the Service or out of any breach of any warranty. The Service Providers will not in any way be responsible for any selection or retention of, or the acts or omissions of, the user in connection with the Service.

Linked Sites
Pioneer Global Investments Limited may provide hypertext links to sites on the Internet and Pioneer makes no representations whatsoever about any other site(s) which you may access through the Website or which may link to the Website. When you access any other site you understand that it is independent from the Website and that Pioneer Global Investments Limited has no control over the content or availability of that site. In addition, a link to any other site does not mean that Pioneer Global Investments Limited endorses or accepts any responsibility for the content, or the use of, such a site and shall not be liable for any loss or damage caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource. Any concerns regarding any external link to any third party site should be directed to that site’s operator.

Risk Statement
You should be aware of the risks associated with securities investment. Please remember that past performance is not necessarily a guide to the future and does not guarantee future results. Market and currency movements may cause the value of investments and the income from them to fall as well as rise and could result in the loss of all capital invested. Smaller markets can be more volatile than developed stock markets and can carry more risk. Investments employing some of the strategies described in this Website in particular hedge funds and investments in emerging markets are by nature highly speculative and should only be considered by experienced and sophisticated investors.

Telephone Recording
It is Pioneer Global Investments Limited’s policy to record all telephone calls for business purposes.

General
Unless otherwise stated, all views expressed are those of Pioneer Global Investments Limited. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected.

Pioneer Global Investments Limited is regulated in Ireland by the Financial Regulator

Pioneer Global Investments Limited may assign or subcontract any or all of its rights and obligations under these Terms.

Pioneer Global Investments Limited may alter these Terms from time to time and post the new version on the Website, following which all use of the Website will be governed by that version.

If any provision or term of these Terms shall become or be declared illegal, invalid or unenforceable for any reason whatsoever, such term or provision shall be divisible from them and shall be deemed to be deleted from them.

These Terms and your use of the Website are governed by Irish law and you submit to the non exclusive jurisdiction of the Irish courts.