Dear Valued Shareholder:
We
recently sent you proxy materials with a WHITE proxy card in connection with the upcoming 2020 Annual Meeting of Shareholders of Pioneer Floating Rate Trust (the Fund) to be held on September 16, 2020. As you may be
aware, an activist investor, Saba Capital Management, L.P. (Saba) is planning a proxy contest at our Annual Meeting and has likely also sent you its proxy materials and a gold proxy card.
Your vote is important, no matter how many shares you own. We implore shareholders to only vote on each and every
WHITE proxy card we send you in accordance with the unanimous recommendations of your Board FOR ALL of the Boards highly qualified and very experienced nominees, all of whom, are current
members of your Board, and AGAINST Sabas proposal to terminate the Funds investment advisory agreement with Amundi Pioneer Asset Management, Inc., a proposal that we believe is potentially devastating since,
if approved, it could leave your Fund without a Manager to run the day to day operations of the Fund:
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FOR
ALL
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WITHHOLD
ALL
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FOR ALL
EXCEPT
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Proposal 1:
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To elect three Class II Trustees:
1) Diane P. Durnin
2) Benjamin M.
Friedman
3) Kenneth J. Taubes
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FOR
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AGAINST
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ABSTAIN
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Proposal 2:
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If properly presented, to vote upon a shareholder proposal from Saba Capital Master Fund, Ltd. to terminate the
Funds investment advisory agreement with Amundi Pioneer Asset Management, Inc.
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The Funds proxy statement, which describes these proposals and your Boards unanimous voting
recommendations in more detail, is available online at www.OkapiVote.com/PHD
Please do not return or otherwise vote any other proxy
card or voting instruction form sent to you by Sabaeven as a protest vote against Saba as this may cancel your prior vote on the Boards WHITE proxy card.
In order for your vote to be represented, we must receive your voting instructions. For your convenience, please use any
of the following methods to submit your vote:
Follow the simple instructions on the enclosed WHITE proxy card.
Call the toll-free number located on your WHITE proxy card and follow the simple instructions.
Simply return your executed WHITE proxy card in the envelope provided.
If possible, please use either of the first two options to ensure your vote is captured in time for the meeting.
If you have any questions, please call Okapi Partners LLC, our proxy solicitor, toll-free at
1-(877) 566-1922. Representatives are available Monday Friday 9:00 am to 11:00 pm (ET) and Saturday 12:00 pm to 5:00 pm (ET).