Bingham McCutchen LLP Letterhead]Pioneer Series Trust Xii • 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 Independence Fund, a Delaware statutory trust, on behalf of Pioneer Independence Fund, the sole series thereof, and Pioneer Series Trust V, a Delaware statutory trust, on behalf of Pioneer Disciplined Growth 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 Growth Fund by Pioneer Independence Fund in exchange for (a) the assumption by Pioneer Independence Fund of the liabilities of Pioneer Disciplined Growth Fund and (b) the issuance and delivery by Pioneer Independence Fund to Pioneer Disciplined Growth Fund, for distribution, in accordance with Paragraph 1.4 of the Agreement, pro rata to Disciplined Growth Fund Shareholders in exchange for their Discipli
