INITIAL SHARE PURCHASE AGREEMENT

This Agreement is made as of the 12th day of September, 2014 between Pioneer Investment Management, Inc. (“PIM”), a Delaware corporation, and Pioneer ILS Interval Fund, a Delaware statutory trust (the “Trust”).

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

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

NOW, THEREFORE, the parties hereto agree as follows:

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

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

Executed as of the date first set forth above.

PIONEER INVESTMENT MANAGEMENT, INC.

/s/ Gregg M. Dooling

Name: Gregg M. Dooling

Title: Chief Financial Officer

PIONEER MULTI-ASSET CREDIT TRUST

/s/ Mark E. Bradley

Name: Mark E. Bradley

Title: Treasurer