UniCredit today announced the appointment of Mr. Sandro Pierri as the new Head of Asset Management. A formal proposal of Mr. Pierri’s appointment as CEO Pioneer Investments will be made to the Pioneer Investments’ Board of Directors in July.

Mr. Pierri will replace Roger Yates, who will step down as CEO to return home to London due to family commitments. Mr. Yates will remain on the Pioneer Investments’ board as a Non-Executive Director, continuing his active involvement in the firm going forward. This change will be effective July 24, 2012, ensuring time for a smooth transition. Mr. Pierri will report directly to Federico Ghizzoni, CEO UniCredit.

Federico Ghizzoni, CEO UniCredit, said, “Pioneer Investments is an important asset for the

Group and I firmly believe that Sandro Pierri is the right person to ensure continuity and successful execution of the business plan, which is moving into its implementation phase. I am convinced that the existing plan on which we remain fully committed, will bring additional value to the Group and the shareholders. Roger Yates has made a valuable contribution to transitioning Pioneer Investments through the Strategic Review and defining the strategic direction to take the company forward. I would like to thank him for making Pioneer Investments the stronger franchise it is today.”

Commenting on his decision to step down as CEO, Roger Yates, said, “The last two and half

years with Pioneer Investments have been very exciting and I am extremely proud of the results that have been achieved. The quality of investment performance now is excellent and under Sandro’s leadership the clear roadmap that has been defined will lead Pioneer Investments to growth and success. Sandro has been a valuable advisor to me in developing Pioneer Investments’ strategic plan and many growth initiatives of the plan fall directly within his remit.”

Mr. Pierri joined Pioneer Investments in 2003 and has served in a variety of senior roles at the firm, most recently as Head of Western Europe & International, including Asia and Latin America, and CEO of Pioneer Investments, Italy. Mr. Pierri has over 20 years of experience in the asset management industry, including both portfolio management and corporate leadership.

More information for media:

UniCredit Bulbank, Identity & Communications Department

Viktoria Blajeva, Phone: + 359 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch

Magdalena Ivanova, Phone: + 359 2 9232 528, nbhebmfob/jwbopwbAvojdsfejuhspvq/ch