Pioneer Investments Announces Approval of At-Par Redemption of Auction Market Preferred Shares of Pioneer Floating Rate Trust and Pioneer High Income Trust

Pioneer Investments announced today that Pioneer Floating Rate Trust

and Pioneer High Income Trust

each intend to redeem all of their outstanding auction market preferred shares (“AMPS”) at the liquidation preference per share (sometimes referred to as “at par”) of each series of AMPS, together with accrued and unpaid dividends, if any, as of the redemption date. Each fund's Board of Trustees has authorized separate third-party debt facilities and the redemption of each fund's outstanding AMPS. The redemption of each fund's AMPS is subject to the successful negotiation of the new financing and the satisfaction of certain notice and regulatory requirements and the closing conditions of the new financing. Information related to the specific redemption process and timeframes will be released by the funds separately. Pioneer expects the redemptions to be completed by the end of 2013. After the refinancing is completed, each fund will continue to employ financial leverage for investment purposes. At this time, Pioneer does not expect the refinancing to affect either fund's monthly distribution rate per common share. The funds are closed-end investment companies. Pioneer Investment Management, Inc. (“Pioneer”) is the investment adviser for PHD and PHT and is part of Pioneer Investment Management USA Inc., the U.S. subsidiary of Pioneer Global Asset Management S.p.A. Each of PHD and PHT is a closed-end fund. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, common shares of closed-end funds are 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 divided by the number of common shares outstanding. 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 Pioneer, PHD or PHT makes any representations or warranties (express or implied) about the accuracy of forward-looking statements.