SHARE PURCHASE AGREEMENT

         This Agreement is made as of the ___th day of December, 2003 between
Pioneer Funds Distributor, Inc., a Delaware corporation ("PFD"), and Pioneer
Select Equity Fund, a Delaware statutory trust (the "Trust").

         WHEREAS, the Trust wishes to sell to PFD, and PFD wishes to purchase
from the Trust, $100,000 of shares of beneficial interest of the Trust (10,000
shares at a purchase price of $10.00 per share (collectively, the "Shares"));
and

         WHEREAS, PFD is purchasing the Shares for the purpose of providing the
initial capitalization of the Trust as required by the Investment Company Act of
1940;

         NOW, THEREFORE, the parties hereto agree as follows:

         1. Simultaneously with the execution of this Agreement, PFD is
            delivering to the Trust a check in the amount of $100,000 in full
            payment for the Shares.

         2. PFD agrees that it is purchasing the Shares for investment and has
            no present intention of redeeming or reselling the Shares.

         3. PFD further agrees that it may not withdraw the Shares from the
            Trust for the first two years and at a rate, which at any time
            during the Trust's next three years of operations, exceeds in the
            aggregate $2,777.78 per month.

         Executed as of the date first set forth above.


                                            PIONEER FUNDS DISTRIBUTOR, INC.


                                                /s/ Steven M. Graziano
                                            By: Steven M. Graziano
                                            Its: Director and Executive Vice
                                                 President

                                            PIONEER SELECT EQUITY FUND


                                                /s/ Osbert M. Hood
                                            By: Osbert M. Hood
                                            Its: Executive Vice President