Frankfurt/Main, July 13, 2007—Shearman & Sterling advised Société Générale Securities Services (SGSS) on the acquisition of the fund administration services of Pioneer Investments Kapitalanlagegesellschaft mbH (Pioneer Investments), a subsidiary of Pioneer Global Asset Management S.p.A., in Germany.

The activities acquired by SGSS include fund administration services for Pioneer Investments and other German fund managers, and middle-office services for Pioneer Investments, based in Munich. The related funds under administration amount to EUR 55 billion; the total amount of assets under administration of SGSS is close to EUR 440 billion. Around 170 employees from Pioneer Investments will join SGSS in Germany.

Closing of the transaction is subject to the approval of regulatory authorities and is expected not later than year-end.

The following Shearman & Sterling team advised Société Générale on this transaction: Roger Kiem (partner, M&A/Corporate/Regulatory law, Frankfurt) and the associates Jens Riedel, Andreas Wieland (both M&A/Corporate, Frankfurt) and Christian Engelhardt (Intellectual Property, Mannheim). In addition, lawyers from the Paris office (Cyrille Niedzielski, partner, M&A, and Guillaume Isautier, associate, M&A) and the offices in Brussels, Düsseldorf, Munich and Rome joined the team.