Announce Results of Each Fund's Special Meeting of Stockholders: Proposal to Liquidate and Dissolve the Fund is Approved

Pioneer Municipal High Income Advantage Fund, Inc.

Pioneer Municipal High Income Fund, Inc.

Pioneer Municipal High Income Opportunities Fund, Inc.

Each of Pioneer Municipal High Income Advantage Fund, Inc. (MAV), Pioneer Municipal High Income Fund, Inc. (MHI), and Pioneer Municipal High Income Opportunities Fund, Inc. (MIO) announced the results of its special meeting of stockholders held on July 17, 2025. At each fund's special meeting, stockholders approved the liquidation and dissolution of the fund pursuant to the Plan of Liquidation and Dissolution adopted by the Board of Directors of the fund.

Pursuant to the Plan, each fund will liquidate its portfolio in preparation for one or more distributions of cash to the stockholders of the fund. Once each fund commences liquidating its portfolio, the fund may not pursue its stated investment objective, comply with its investment limitations or engage in normal business activities, except for the purposes of winding up its business and affairs, paying its liabilities and distributing its remaining assets to stockholders.

Each fund plans to direct the transfer agent to close the books on its shares at the close of business on August 22, 2025 (the "Determination Date"). The proportionate interests of stockholders in the assets of each fund will be fixed on the basis of their respective holdings at the close of business on the Determination Date. Each fund expects the last day of secondary market trading of the fund's shares also will be on or about the Determination Date. Accordingly, it is expected that prior to the opening of business on August 25, 2025, each fund will cease trading on the NYSE. The distribution to shareholders of liquidation proceeds will occur as soon as practicable following the Determination Date. Each fund expects to make a primary distribution of liquidation proceeds to stockholders on or about August 27, 2025.

The proceeds of the liquidation will equal each fund's net asset value after each fund has paid or provided for all of its charges, taxes, expenses and liabilities, including certain costs associated with liquidating the fund. As necessary, each fund may make one or more liquidating distributions after it makes the primary liquidating distribution. Upon payment of the final liquidating distribution, all outstanding shares of each fund will be redeemed without the imposition of any redemption or other transaction fees.

Each liquidation will generally be a taxable event for stockholders that are subject to U.S. federal income tax. Any such stockholder that receives a distribution in the liquidation will generally realize capital gain or loss in an amount equal to the difference between the total amount of the liquidation distribution(s) received and the stockholder's adjusted basis in the fund shares. Please consult your personal tax advisor with regard to the specific tax consequences of the liquidation.

Each fund expects that stockholders will be able to sell their fund shares in the secondary market until the market close on or about the Determination Date. The sale of fund shares in the secondary market will generally be a taxable event for stockholders that are subject to U.S. federal income tax. In addition, customary brokerage charges may apply to such transactions. Each fund expects that, effective as of market close on or about the Determination Date, each fund's shares will no longer be actively traded in the secondary market, and there can be no assurance that there will thereafter be a market for the purchase or sale of the funds' shares.

The funds are closed-end investment companies that trade on the New York Stock Exchange (NYSE) under the following symbols: MAV, MHI, and MIO.

Investments involve risk including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances.

Victory Capital Services, Inc.

Keep in mind, distribution rates are not guaranteed. A fund's distribution rate may be affected by numerous factors, including changes in actual or projected investment income, the level of undistributed net investment income, if any, and other factors. Shareholders should not draw any conclusions about a fund's investment performance based on a fund's current distributions. 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 divided by the number of common shares outstanding. For performance data on Pioneer Investments' closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.

Shareholder Inquiries: Please contact your financial advisor.

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Jessica Davila

Director, Global Communications

[email protected]