Bingham McCutchen LLP Letterhead]Pioneer Series Trust III • August 29th, 2013
This opinion is furnished to you pursuant to Paragraph 8.4 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of June 7, 2013, by and between Pioneer Series Trust III, a Delaware statutory trust, on behalf of Pioneer Fundamental Value Fund, the sole series thereof, and Pioneer Series Trust V, a Delaware statutory trust, on behalf of Pioneer Disciplined Value Fund, a series thereof. All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement. The Agreement contemplates the acquisition of all of the assets of Pioneer Disciplined Value Fund by Pioneer Fundamental Value Fund in exchange for (a) the assumption by Pioneer Fundamental Value Fund of the liabilities of Pioneer Disciplined Value Fund and (b) the issuance and delivery by Pioneer Fundamental Value Fund to Pioneer Disciplined Value Fund, for distribution, in accordance with Paragraph 1.4 of the Agreement, pro rata to Disciplined Value Fund Shareholders in exchange for
