Amundi Pioneer Asset Management (Amundi Pioneer) announced today that each of Pioneer Municipal High Income Advantage Trust (NYSE: MAV) and Pioneer Municipal High Income Trust (NYSE: MHI) intend to redeem all of their outstanding auction preferred shares (APS) at the liquidation preference per share (sometimes referred to as “at par”) of each series of APS, together with accrued and unpaid dividends, if any, as of the redemption date.

Each fund’s Board of Trustees has approved a refinancing plan expected to result in the redemption of all of each fund’s outstanding APS. The redemption of each fund’s APS is subject to the successful negotiation of the new financing, the satisfaction of certain notice and regulatory requirements, and the closing conditions of the new financing. Specific information related to the redemption process and timeframes will be released by the funds separately. Amundi Pioneer expects the redemptions to be completed by the end of 2017.

After the refinancing is completed, each fund will continue to employ financial leverage for investment purposes. Amundi Pioneer does not expect the refinancing to reduce either fund’s leverage outstanding.

MAV and MHI are closed-end investment companies that trade on the New York Stock Exchange (NYSE).

Amundi Pioneer Asset Management, Inc. is each fund’s investment adviser. On July 3, 2017, the name of the adviser was changed from Pioneer Investment Management, Inc., coinciding with its acquisition by Amundi. As a result of the transaction, Amundi Pioneer Asset Management, Inc. became an indirect wholly owned subsidiary of Amundi. Amundi, one of the world’s largest asset managers, is headquartered in Paris, France.

Closed-end funds, unlike open-end funds, are not continuously offered. Once issued, common shares of closed-end funds are bought and sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net Asset Value (NAV) is total assets less total liabilities (and the liquidation preference of preferred shares, if any) divided by the number of common shares outstanding. For performance data on Amundi Pioneer's closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.

Various statements contained in this press release are “forward looking statements”. All forward looking statements involve risks and uncertainties. In particular, any statement contained in this press release regarding expectations or assumptions is subject to risks, uncertainties and contingencies, including market risks, which are beyond our control and which may cause actual results or achievements to differ materially and perhaps substantially from anticipated results or achievements. None of Amundi Pioneer, MAV or MHI makes any representations or warranties (express or implied) about the accuracy of forward looking statements.

About Amundi Pioneer Asset Management

Amundi Pioneer Asset Management (Amundi Pioneer) references the U.S. business of the Amundi group of companies, Europe’s largest asset manager by assets under management and among the top ten global asset managers1. Amundi Pioneer was formed in 2017 as part of the acquisition of Pioneer Investments by Amundi, and includes the operations of Amundi Pioneer Asset Management USA, Inc., based in Boston, and Amundi Smith Breeden, based in Durham, N.C. Incorporating the expertise of the regional hub in Durham, Boston is one of Amundi’s six main investment hubs. In addition to investment management activities, Amundi Pioneer offers and services a wide array of investment solutions for institutional and private investors globally. Amundi Pioneer Asset Management, Inc. (formerly, Pioneer Investment Management, Inc.) is an investment adviser subsidiary of Amundi Pioneer Asset Management USA, Inc.

Pioneer Investments was founded in 1928 by Philip L. Carret and has been a leading innovator in global asset management since its inception. Amundi Smith Breeden, founded as Smith Breeden Associates in 1982, is a highly regarded relative value credit investor managing an extensive range of fixed-income strategies tailored to the needs of institutional investors. In aggregate, Amundi Pioneer Asset Management offers a broad range of fixed-income, equity and multi-asset investment solutions. A focus on proprietary research, robust risk management, disciplined investment processes, and close partnerships with clients has made the firms that comprise Amundi Pioneer investment managers of choice among leading institutional and individual investors worldwide. Amundi Pioneer had approximately $78.8 billion in assets under management as of December 31, 2016.

Visit amundipioneer.com or amundismithbreeden.com for more information.

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Shareholder Inquiries: Please contact your financial advisor or visit amundipioneer.com.Broker/Advisor Inquiries Please Contact: 800-622-9876Media Inquiries Please Contact: Geoff Smith, 617-422-4727

Amundi Pioneer Distributor, Inc., Member SIPC© 2017 Amundi Pioneer Asset Management

1 Source IPE “Top 400 asset managers” published in June 2017 and based on AUM as of end December 2016.

Amundi Pioneer Asset ManagementGeoff Smith, 617-422-4758geoff.smith@amundipioneer.com

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