ADDING and REPLACING Western Investment Calls for Pioneer Municipal and Equity Income...

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

NEW YORK--(Business Wire)--
Add after last graph of release: Subhead 'CERTAIN INFORMATION
CONCERNING PARTICIPANTS' and text that follows.

The corrected release reads:

WESTERN INVESTMENT CALLS FOR PIONEER MUNICIPAL AND EQUITY INCOME
TRUST (NYSE:PBF) TO ANNOUNCE ITS ANNUAL MEETING DATE

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."

CERTAIN INFORMATION CONCERNING PARTICIPANTS

Western Investment LLC ("Western Investment"), together with the
other Participants (as defined below), intends to make a preliminary
filing with the Securities and Exchange Commission ("SEC") of a proxy
statement and accompanying proxy card to be used to solicit proxies
for the election of its slate of trustee nominees at the 2008 annual
meeting of stockholders of Pioneer Municipal and Equity Income Trust
(the "Fund").

WESTERN INVESTMENT STRONGLY ADVISES ALL STOCKHOLDERS OF THE FUND
TO READ THE PROXY STATEMENT WHEN IT IS AVAILABLE BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION. SUCH PROXY STATEMENT WILL BE AVAILABLE
AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION,
THE PARTICIPANTS IN THE SOLICITATION WILL PROVIDE COPIES OF THE PROXY
STATEMENT WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE
DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.

The Participants in the proxy solicitation are Western Investment,
Western Investment Hedged Partners L.P. ("WIHP"), Arthur D. Lipson,
Western Investment Activism Partners LLC ("WIAP"), Western Investment
Total Return Partners L.P. ("WITRP"), Western Investment Total Return
Fund Ltd. ("WITRL" and together with Western Investment, Mr. Lipson,
WIHP, WIAP and WITRP, the "Western Entities"), Benchmark Plus
Institutional Partners, L.L.C. ("BPIP"), Benchmark Plus Partners,
L.L.C. ("BPP"), Benchmark Plus Management, L.L.C. ("BPM"), Scott
Franzblau, Robert Ferguson (together with BPIP, BPP, BPM and Mr.
Franzblau, the "Benchmark Entities"), Richard Rappaport, William J.
Roberts, Gary G. Schlarbaum and Matthew S. Crouse (collectively the
"Participants").

As of April 17, 2008, WIHP, WIAP, WITRL and WITRP beneficially
owned 819,639, 837,802, 6,970 and 6,430 Shares, respectively,
representing approximately 2.9%, 2.9%, less than 1% and less than 1%,
respectively, of the Shares outstanding. As the managing member of
WIAP, investment manager of WITRL and the general partner of each of
WIHP and WITRP, Western Investment may be deemed to beneficially own
the 1,670,841 Shares owned in the aggregate by WIHP, WIAP, WITRL and
WITRP, constituting approximately 5.8% of the Shares outstanding, in
addition to the approximately 1,066 Shares it holds directly. As the
managing member of Western Investment, Mr. Lipson may be deemed to
beneficially own the approximately 1,671,907 Shares beneficially owned
by Western Investment, constituting approximately 5.8% of the Shares
outstanding. As members of a group for the purposes of Rule
13d-5(b)(1) of the Securities Exchange Act of 1934, as amended, the
Western Entities may be deemed to beneficially own the 1,164,960
Shares owned by the other Participants. The Western Entities disclaim
beneficial ownership of such Shares.

As of April 17, 2008, BPIP and BPP beneficially owned 650,560 and
514,400 Shares, respectively, constituting 2.3% and 1.8%,
respectively, of the Shares outstanding. As the managing member of
BPIP and BPP, BPM may be deemed to beneficially own the 1,164,960
Shares owned in the aggregate by BPIP and BPP, constituting
approximately 4.1% of the Shares outstanding. As managing members of
BPM, Messrs. Franzblau and Ferguson may be deemed to beneficially own
the 1,164,960 Shares beneficially owned by BPM. As members of a group
for the purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of
1934, as amended, the Benchmark Entities may be deemed to beneficially
own the approximately 1,671,907 Shares owned by the other
Participants. The Benchmark Entities disclaim beneficial ownership of
such Shares.

None of Messrs. Rappaport, Roberts, Schlarbaum or Crouse directly
owns any Shares. As members of a "group" for the purposes of Rule
13d-5(b)(1) of the Securities Exchange Act of 1934, as amended, each
of Messrs. Rappaport, Roberts, Schlarbaum and Crouse is deemed to
beneficially own the approximately 2,836,867 Shares beneficially owned
in the aggregate by the other Participants. Each of Messrs. Rappaport,
Roberts, Schlarbaum and Crouse disclaims beneficial ownership of such
Shares.

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

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