1. Performance Attribution
Pioneer European Research vs. Pioneer Fund European Research BMK
20121231 to 20131231
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 Discretionary 10.46 9.38 1.08 46.39 29.99 16.41 0.11 1.27 0.11 1.49 1.50
Automobiles & Components 3.04 2.84 0.20 42.68 37.96 4.73 0.07 0.15 0.03 0.24 0.23
Consumer Durables & Apparel 3.06 2.55 0.51 38.98 15.97 23.01 0.09 0.50 0.08 0.66 0.70
718473 SWATCH GROUP AG/THE-REG 1.15 0.06 1.09 26.71 26.71 0.00 0.16 0.00 0.00 0.16 0.16
B44XTX PANDORA A/S 0.70 0.00 0.70 121.02 0.00 121.02 0.55 0.00 0.00 0.55 0.55
403197 ADIDAS AG 0.57 0.29 0.28 26.80 39.23 -12.43 0.10 0.00 0.00 0.10 0.13
317430 BURBERRY GROUP PLC 0.28 0.13 0.15 4.63 23.13 -18.50 -0.05 0.00 0.00 -0.05 -0.03
B8VZXT CREST NICHOLSON HOLDINGS 0.20 0.00 0.20 38.98 0.00 38.98 0.09 0.00 0.00 0.09 0.09
B3W1GM POWERLAND AG 0.16 0.00 0.16 -78.90 0.00 -78.90 -0.36 0.00 0.00 -0.36 -0.35
406139 Christian Dior SA 0.00 0.13 -0.13 0.00 8.71 -8.71 0.02 0.00 0.00 0.02 0.01
BCRWZ1 CIE FINANCIERE RICHEMON-BR A UNDER CA 0.00 0.61 -0.61 0.00 23.33 -23.33 -0.03 0.00 0.00 -0.03 -0.02
B1KKBX ELECTROLUX AB-SER B 0.00 0.08 -0.08 0.00 -1.57 1.57 0.02 0.00 0.00 0.02 0.02
B88MHC HUGO BOSS AG -ORD 0.00 0.04 -0.04 0.00 33.16 -33.16 0.00 0.00 0.00 0.00 0.00
B12PJ2 Husqvarna AB Class B 0.00 0.03 -0.03 0.00 -1.46 1.46 0.01 0.00 0.00 0.01 0.01
480065 LUXOTTICA GROUP SPA 0.00 0.11 -0.11 0.00 26.78 -26.78 -0.01 0.00 0.00 -0.01 -0.01
406141 LVMH MOET HENNESSY LOUIS VUI 0.00 0.59 -0.59 0.00 -2.90 2.90 0.15 0.00 0.00 0.15 0.14
068253 PERSIMMON PLC 0.00 0.04 -0.04 0.00 4.35 -4.35 0.01 0.00 0.00 0.01 0.00
550507 PPR 0.00 0.21 -0.21 0.00 12.13 -12.13 0.01 0.00 0.00 0.01 0.01
718472 SWATCH GROUP AG/THE-BR 0.00 0.24 -0.24 0.00 26.87 -26.87 -0.01 0.00 0.00 -0.01 -0.01
Consumer Services 1.84 1.11 0.72 4.50 31.20 -26.70 0.10 -0.28 -0.12 -0.29 -0.30
B62G1B EDENRED 0.63 0.08 0.55 -2.37 6.78 -9.16 -0.11 0.00 0.00 -0.11 -0.12
CCL CARNIVAL CORP 0.61 0.00 0.61 7.23 0.00 7.23 -0.11 0.00 0.00 -0.11 -0.12
482897 PADDY POWER PLC Dublin Listing 0.34 0.00 0.34 0.78 0.00 0.78 -0.08 0.00 0.00 -0.08 -0.08
B1KJJ4 WHITBREAD PLC 0.14 0.11 0.03 26.53 52.49 -25.96 0.07 0.00 0.00 0.07 0.08
BDZT6P MERLIN ENTERTAINME 0.08 0.00 0.08 3.36 0.00 3.36 0.01 0.00 0.00 0.01 0.01
B3MSM2 AMADEUS IT HOLDING SA-A SHS 0.04 0.14 -0.10 6.94 66.28 -59.34 -0.06 0.00 0.00 -0.06 -0.05
585284 ACCOR SA 0.00 0.08 -0.08 0.00 31.24 -31.24 -0.01 0.00 0.00 -0.01 -0.01
312152 CARNIVAL PLC 0.00 0.09 -0.09 0.00 6.27 -6.27 0.01 0.00 0.00 0.01 0.01
053315 COMPASS GROUP PLC 0.00 0.31 -0.31 0.00 33.89 -33.89 -0.04 0.00 0.00 -0.04 -0.04
B85KYF InterContinental Hotels Group PLC 0.00 0.10 -0.10 0.00 23.04 -23.04 0.00 0.00 0.00 0.00 0.00
710725 OPAP SA 0.00 0.03 -0.03 0.00 74.19 -74.19 -0.01 0.00 0.00 -0.01 -0.01
706271 Sodexo SA 0.00 0.11 -0.11 0.00 17.56 -17.56 0.01 0.00 0.00 0.01 0.00
B1Z7RQ TUI TRAVEL PLC 0.00 0.03 -0.03 0.00 48.00 -48.00 -0.01 0.00 0.00 -0.01 -0.01
316988 WILLIAM HILL 0.00 0.04 -0.04 0.00 -5.86 5.86 0.01 0.00 0.00 0.01 0.01
Media 1.35 1.57 -0.22 46.14 42.32 3.82 -0.03 0.13 -0.04 0.05 0.01
438042 PUBLICIS GROUPE 0.77 0.17 0.60 48.74 48.74 0.00 0.15 0.00 0.00 0.15 0.17
479053 SCHIBSTED ASA 0.40 0.00 0.40 29.78 0.00 29.78 0.13 0.00 0.00 0.13 0.08
BCZM1B PROSIEBEN SAT.1 MEDIA AG-REG 0.15 0.06 0.09 11.39 96.39 -85.00 0.00 0.00 0.00 0.00 0.00
067760 PEARSON PLC 0.03 0.20 -0.18 -3.71 14.29 -18.00 -0.01 0.00 0.00 -0.01 -0.02
464731 Axel Springer SE 0.00 0.03 -0.03 0.00 50.18 -50.18 -0.01 0.00 0.00 -0.01 -0.01
014119 BRITISH SKY BROADCASTING GRO 0.00 0.18 -0.18 0.00 11.19 -11.19 0.01 0.00 0.00 0.01 0.02
339864 GRANADA PLC 0.00 0.11 -0.11 0.00 89.18 -89.18 -0.06 0.00 0.00 -0.06 -0.06
713666 Jcdecaux SA 0.00 0.03 -0.03 0.00 69.14 -69.14 -0.01 0.00 0.00 -0.01 -0.01
454721 LAGARDERE S.C.A. 0.00 0.05 -0.05 0.00 61.25 -61.25 -0.01 0.00 0.00 -0.01 -0.01
B0662J PREMIERE AG 0.00 0.01 -0.01 0.00 8.11 -8.11 0.00 0.00 0.00 0.00 0.00
414881 REED ELSEVIER NV 0.00 0.16 -0.16 0.00 42.02 -42.02 -0.03 0.00 0.00 -0.03 -0.03
B2B0DG REED ELSEVIER PLC UNDER CA 0.00 0.19 -0.19 0.00 40.83 -40.83 -0.04 0.00 0.00 -0.04 -0.03
B1BK20 RTL Group S.A. 0.00 0.01 -0.01 0.00 3.22 -3.22 0.00 0.00 0.00 0.00 0.00
567151 WOLTERS KLUWER 0.00 0.09 -0.09 0.00 38.72 -38.72 -0.01 0.00 0.00 -0.01 -0.01
B8KF9B WPP GROUP PLC 0.00 0.30 -0.30 0.00 55.55 -55.55 -0.09 0.00 0.00 -0.09 -0.09
Retailing 1.17 1.31 -0.14 145.29 26.63 118.65 0.02 0.99 -0.10 0.90 0.92
B4YC9W YOOX SPA 0.49 0.00 0.49 173.49 0.00 173.49 0.50 0.00 0.00 0.50 0.52
309272 ASOS PLC 0.45 0.00 0.45 144.16 0.00 144.16 0.44 0.00 0.00 0.44 0.45
B1QH8P SPORTS DIRECT INTERNATIONAL (London list) 0.20 0.00 0.20 40.39 0.00 40.39 0.07 0.00 0.00 0.07 0.08

2. Performance Attribution
Pioneer European Research vs. Pioneer Fund European Research BMK
20121231 to 20131231
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
331952 KINGFISHER PLC 0.04 0.16 -0.13 -6.92 35.78 -42.70 -0.08 0.00 0.00 -0.08 -0.09
568743 HENNES & MAURITZ AB-B SHS 0.00 0.46 -0.46 0.00 31.64 -31.64 -0.05 0.00 0.00 -0.05 -0.05
711131 INDITEX 0.00 0.39 -0.39 0.00 15.37 -15.37 0.03 0.00 0.00 0.03 0.02
312748 MARKS & SPENCER GROUP PLC 0.00 0.14 -0.14 0.00 14.27 -14.27 0.00 0.00 0.00 0.00 0.01
320898 NEXT PLC 0.00 0.15 -0.15 0.00 46.57 -46.57 -0.03 0.00 0.00 -0.03 -0.03
Consumer Staples 13.24 14.40 -1.17 15.58 12.48 3.10 -0.04 0.31 0.02 0.28 0.33
Energy 9.72 9.73 -0.01 12.14 8.16 3.98 0.03 0.44 0.00 0.46 0.48
Financials 21.37 21.27 0.10 29.51 25.16 4.35 -0.03 0.85 0.06 0.88 0.94
Health Care 12.45 12.51 -0.06 26.87 25.59 1.28 0.02 -0.11 -0.01 -0.10 0.14
Industrials 11.12 11.36 -0.23 33.06 25.49 7.57 -0.01 0.84 0.02 0.85 0.78
Information Technology 3.22 2.99 0.23 19.20 26.73 -7.53 0.03 -0.09 -0.02 -0.07 -0.14
Materials 7.19 8.33 -1.14 0.26 0.08 0.19 0.33 0.10 0.02 0.45 0.37
Telecommunication Services 6.22 6.06 0.16 30.93 35.69 -4.75 -0.05 -0.27 -0.34 -0.65 -0.50
Utilities 3.59 3.97 -0.39 36.38 12.59 23.79 0.08 0.90 -0.12 0.86 0.88
[Cash] 1.11 0.00 1.11 -100.12 0.00 -100.12 -0.21 0.00 0.00 -0.21 -0.78
[Unassigned] 0.31 0.00 0.31 -83.65 0.00 -83.65 0.19 0.00 0.00 0.19 0.21
Total 100.00 100.00 0.00 24.05 19.82 4.23 0.46 4.24 -0.27 4.43 4.23
Holdings Data As Of
Pioneer European Research 20121231 through 20131230
Pioneer Fund European Research BMK 20130101 through 20131231