Western Investment Calls for Pioneer Municipal and Equity Income Trust (NYSE:PBF)...

Western Investment Calls for Pioneer Municipal and Equity Income Trust (NYSE:PBF) to Announce Its Annual Meeting Date

NEW YORK--(Business Wire)--
Western Investment LLC ("Western Investment") issued a statement
today calling for Pioneer Municipal and Equity Income Trust (NYSE:PBF)
to announce the date of the Fund's 2008 Annual Meeting. Western
Investment, along with certain of its affiliates, is a long-term
stockholder with over a 9% ownership in the Fund.

Art Lipson, the managing member of Western Investment and a
Trustee of PBF stated, "Last year the Fund filed its initial proxy
materials on April 2, however, it is now the middle of April and
stockholders of the Fund have not heard anything regarding the 2008
annual meeting. I call on the other board members to promptly act
together with myself and Robert Ferguson to set and announce the date
for the 2008 annual meeting. As significant stockholders, we are
growing concerned with the Fund's silence about this year's annual
meeting. Western Investment has nominated a slate of trustee nominees
for election at the 2008 annual meeting because we believe that there
are necessary steps to be taken to increase the value of stockholders'
investment in the Fund and we believe our nominees have the
credentials to ensure this happens. We believe that as a public
company PBF should promptly take all necessary action to set and
announce the 2008 annual meeting and to assure all stockholders that
their right to elect directors will not be delayed."

Innisfree M&A Incorporated
Mike Brinn, 212-750-8253

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